Wholesale used vehicle prices increased 5.84% month over month in July, bringing the Manheim Used Vehicle Value Index to 158 a 12.5% increase from a year ago and another record-high for the Index, which also occurred in June.
New vehicles priced between $30,000 to $40,000 are in the shortest supply while those priced below $30,000 have the highest inventory, according to a Cox Automotive
Cox Enterprises has named Steve Rowley as the new president of Cox Automotive, effective Aug. 3, and will take over for current president and CEO Sandy Schwartz, who moves to a role as CEO of the Cox Family Office.
Wholesale used vehicle prices increased 8.95% month over month in June, bringing the Manheim Used Vehicle Value Index to 149.3, a 6.3% increase from a year ago and a new record-high for the Index.
Wholesale used vehicle prices increased 8.96% month-over-month in May 2020, bringing the Manheim Used Vehicle Value Index to 137%, which is 1.9% lower than it was at the same time in 2019.
The COVID-19 pandemic is still plaguing the light vehicle market, but May’s sales pace is still expected to be a giant step forward on the path to recovery.
Given how the COVID-19 pandemic has evolved, the company has extended its Simulcast-only sales past its original April 3 end date.
Wholesale used vehicle prices increased 1.35% month-over-month in February, bringing the Manheim Used Vehicle Value Index to 143.5, which is 6.2% higher than it was at the same time in 2019.
Retail sales have been trending downward in recent years and that trend is expected to continue as the industry’s supply of gently-used off-lease vehicles continues to grow.
Rivian has closed an investment round of $1.3 billion, the fourth investment the battery-electric truck and SUV startup will receive in 2019.