Manheim Market Report (MMR) prices saw strong gains through the first two full weeks of October. The latest trends in the key indicators suggest wholesale used vehicle values will likely see further gains in the days ahead.
Double whammy: New-vehicle inventory falls below 1 million units in September while the average new vehicle price tops $45,000 for the first time.
With high prices and fast sales, dealers are selling cars before they get a chance to pull them into their shops to recondition them up to full CPO standards.
Upfitters have been battered by inconsistent chassis deliveries from the OEMs, back-ordered parts, widespread labor shortages, constraints on ordering pre-fabricated parts, and higher expenses for aluminum and steel.
The lack of new-vehicle inventory is steering many dealers and consumers into the used-vehicle market, resulting in higher prices for both wholesale and retail used vehicles.
The mobile experience makes it simpler and easierto access and participate in live, auctioneer-led sales from any location.
After edging higher for a couple of months, available supply dipped by the end of August.
Tight vehicle inventory continues to vex the auto industry while high prices deter buyers.
Despite lower production, there are more vehicles ready to be sold due to sales losing momentum since June.
But sales are declining as car shoppers face limited inventory, high prices and historically low incentives.
The profit index sets another record high, while the price pressure index increased modestly.
The sales conversion rate also increased last month and ended at a level higher than typical for August, indicating buyers have become more aggressive than they were in June and July.
August figures show sales into rental increased 118% year over year in August and are up 7% compared to the same time period last year.
The automotive remarketing sector is seeing big changes due to an increased use of technology, evolving vehicle mix and shifting expectations from buyers and sellers.
The third-party battery health diagnostic tool will strive to become the industry standard to assess the condition and value of EV batteries.
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