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Manheim – Used-Vehicle Values Fall -21% from All-Time High
“We ended 2023 with about half of the used-vehicle value decline we saw in 2022, but still more than we’d see in a typical year,” said Cox Automotive Chief Economist Jonathan Smoke. “For 2024, the key word for the wholesale market is ‘normalcy.’ Manheim expects constrained growth with a volume increase of less than 1%. As for price patterns, we anticipate a normalization trend, and we expect that 2024 will be the first year in five where we will experience fairly normal depreciation in the wholesale market.” Continue reading
Manheim – U.S. Wholesale Used Vehicle Prices Up In August
“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 →