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In a first-ever metric compiled by Cox Automotive, seasonally adjusted electric vehicle values ended 2023 down 17%, while non-EVs were down 7.1% for the year.
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All major vehicle segments saw price declines compared to last month, with most categories exceeding the average industry decline.
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Manheim expects constrained growth with a volume increase of less than 1% in 2024, indicating a return to a more normal market.
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Wholesale supply ended November at 30 days, up one day from the end of October and flat year over year.
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The longtime automotive remarketing executive is credited with establishing a best-in-class risk management approach and accelerating the company’s digital transformation.
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Analysts are expecting a measured movement through December and the year, which should reach the January forecast for a 4% year-over-year decline.
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The national network of independently-owned wholesale auto auctions plans to build and strengthen its auction teams.
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Over the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 1.9%, which was more than the normal decline of 1% for the time of year.
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Wholesale used-vehicle prices decreased 2.3% in October from September and were down 4% from a year ago.
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October’s price decline is eerily similar to last October’s 2.2% drop, and this was not unexpected as the market remains balanced.
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