After closing out 2022 with the longest-running, sharpest decline over a single year, wholesale used vehicle prices have risen in 2023.
A seasoned government fleet manager shares why using auctions to sell used vehicles can be valuable.
Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
Only three of eight major market segments saw seasonally adjusted prices that were higher year over year in September. The full-year Manheim Used Vehicle Value Index forecast is expected to finish the year down nearly 14% YOY, up from the second quarter’s revised forecast of a 6% decline.
Analysis: The Fed wants to see less credit flowing as part of their plan to induce pain, and it's working. Are they taking enough time to see the effects of their moves before doubling down?
Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
Used vehicles are tracking at a fairly normal pace for supply. Sales have slowed compared to the strong pace in the summer of 2021, but are still relatively healthy.
Used vehicle consignor CarLotz will enable Shift to pursue a new business plan focused on allowing consumers to buy vehicles online, sight unseen, for pickup or delivery.
All major market segments once again saw seasonally adjusted prices that were higher year over year in July.
Auctions received vehicles from a more diverse stream of sources in the last quarter as data could be signaling some inflection points in the market.
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