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Total Used-Vehicle Sales Down 12% YOY in June
Chip shortages and surging demand are squeezing used vehicle sales while inflating prices.
Chip shortages and surging demand are squeezing used vehicle sales while inflating prices.
The Manheim Used Vehicle Value Index hit a record high of 203, and likely won't reach into the 200s again for several years.
Demand has been healthy, inventories tight, and dealers have felt little pressure to lower prices.
On a year-over-year basis, all major market segments saw seasonally adjusted price increases in April.
Strong spring sales thanks to tax refunds and stimulus checks depleted the supply.
While the COVID-19 pandemic slowed remarketing efforts for some fleets and ramped them up for others over the past year, 2021 fleet remarketing is looking better for most everyone.
Find out how the microchip shortage is affecting vehicle sales, how OEMs are prioritizing production, and why there's a demand for used vehicles.
Topics mentioned in today's video includes the reopening of all OEM assembly plants; fleet sales in May 2020; a decline in fleet operating costs; the declining supply of used vehicles in the wholesale market; and industry conferences moving to a virtual format
The industry quickly turned to online services when the pandemic hit, utilizing digital-only sales, which ultimately kept the industry from halting completely.
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