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Wholesale used-vehicle prices (mix, mileage, seasonally adjusted basis) moved 0.4% higher in January compared to December, causing the Manheim Used Vehicle Value Index (MUVVI) to increase to 205.6, a gain of 0.8% from a year ago. The seasonal adjustment to the index muted the movement for the month, as non-seasonally adjusted values rose faster than seasonally adjusted values. The non-adjusted price in January increased by 0.6% compared to December, moving the un-adjusted average price up 1.1% year over year, Cox Automotive said today.* Notably absent was any mention of the Trump tariff chaos, which likely will significantly increase new vehicle prices and thereby increasing demand and prices for used vehicles.
“While it’s not yet spring, wholesale values increased more than we usually see in the month of January, with particular strength at the end of the month,” said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. “The Manheim index is at the highest point since October 2023, after we experienced stronger-than-usual gains in non-seasonally adjusted values. Currently, retail days’ supply at used dealerships sits nine days lower than last year, and we are just now on the cusp of starting the spring wholesale market.” Continue reading →
Penske Automotive Group Posts Record Q4 Revenue of $7.7B
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Penske Automotive Group (NYSE: PAG), today announced fourth quarter and twelve-month 2024 results. For Q4 net income attributable to common stockholders was $236.4 million compared to $190.7 million in the prior year period, and related earnings per share was $3.54 compared to $2.84 in the prior year period. Fourth quarter 2023 results include a goodwill impairment charge of $40.7 million (before and after tax), representing $0.61 per share.*
“I am pleased with our financial performance during the fourth quarter. Revenue increased 6% to $7.7 billion, a quarterly record. New and used automotive gross profit per unit retailed remained strong, including a $74 per unit sequential increase in new vehicle gross profit per unit retailed when compared to the third quarter of 2024, and same-store service and parts revenue and gross profit increased 7% and 9%, respectively,” said Chair Roger Penske. Continue reading →