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Wholesale used-vehicle prices* were higher in August compared to July. The Manheim Used Vehicle Value Index (MUVVI)** rose to 203.9, a decline of 3.9% from a year ago. The seasonal adjustment to the index mitigated the impact on the month, resulting in values that rose 1.2% month over month. The non-adjusted price in August increased by 2.2% compared to July, moving the unadjusted average price down 4.6% year over year. The data are from the Manheim Market Report (MMR) from Cox Automotive.*** New-vehicle sales in August were up 7.6% from last year, and volume increased 11.2% from July. The August seasonally adjusted annual rate (SAAR), came in at 15.1 million, down 0.2 million from last year’s pace and lower than July’s 15.8 million.
“The trend of higher wholesale values at Manheim continued into August from July, as we saw prices appreciate every week except the last,” said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. “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. We know lease maturities are on the decline, and used retail days’ supply has tightened over the last month. That will likely keep pressure on buyers at Manheim in the next several weeks.” Continue reading
North Carolina Parts Seller Fined for Emission Defeat Devices
North Carolina automotive parts manufacturer and seller, Rudy’s Performance Parts Inc. (Rudy’s), and its owner, Aaron Rudolf, have agreed to pay a total of $10 million in criminal fines and civil penalties for manufacturing, selling and installing devices, commonly known as “defeat devices,” used to remove or disable required emissions controls in motor vehicles, the U.S. Department of justice said today.
“Defeat devices, such as those sold by Rudy’s, can lead to pollution at high levels that pose health risks and harm the environment,” said Assistant Attorney General Todd Kim of the Justice Department’s Environment and Natural Resources Division. “This plea agreement and civil settlement show that we will take strong action to enforce the Clean Air Act and emissions controls requirements for motor vehicles.” Continue reading →