Used vehicle wholesale prices jumped 3.6% in August from July, and 15.8% from August last year, capping one heck of a magnificent price spike, based on Manheim’s mix-, mileage-, and seasonally adjusted Used Vehicle Value Index.
But in late August, prices started backtracking But in the week ended August 30, auction sales of vehicles up to eight years old plunged 23% from the prior week, to 73,000, J.D. Power said in a note sent out last week. This was the lowest since May 3, and down about 35% from the pre-Pandemic range.
J.D. Power expects wholesale prices to continue to decline through the end of the year to where they’ll be just “slightly” higher than before the Pandemic.
Read the article at Wolf Street.
The post Used-Vehicle Market Digs Out from Supply-and-Demand Chaos that Caused Enormous Distortions in Wholesale Prices appeared first on Fleet Management Weekly.
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