Sales conversion continued to rise and held at much higher levels than prior years for the month as more buyers came to markets to replenish supply for used retail inventory.
Sales conversion is running several points above the previous three years, including 2021, indicating that buyer demand is relatively strong despite all the uncertainty in the market.
Prices in all vehicle market classes dive by double-digit teen percentages with electric vehicles down the most by 19% compared to March 2023.
September auction sales bolstered prices through the channel, but wholesale is at a crossroads, mainly from concerns about the UAW strike possibly slowing new retail sales and moving buyers into the used market.
With sales slightly stronger than expected, tight supply, and prices at about 6% below last year, these factors are expected to prevent any substantial decline in wholesale prices through year-end.
Sales into commercial fleets were up 37% and sales into government fleets were up 28% last month compared to August 2021.
All major market segments saw seasonally adjusted prices that were higher year over year -- but declined -- in the first half of August.
EV shopping increased the most among non-luxury buyers – those hit hardest by higher gas prices – and for electric SUVs versus cars.
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