Cox Automotive's Manheim Used Vehicle Value Index shows wholesale used vehicle prices increased in May and were almost 10% higher than the previous year.
According to the report, values increased in the first three weeks of May, but declined the last two weeks of June.
“The Manheim Used Vehicle Value Index rose to 222.7, which was up 9.7% from a year ago," according to the report. "The non-adjusted price change in May was an increase of 1.1% compared to April, leaving the unadjusted average price up 12.1% year over year."
The Three-Year-Old MMR Index increased a net 0.4% and the daily MMR Retention, the average difference in price relative to current MMR, averaged 98.7% with an average daily sales conversion rate declined to 55.7%. The report states that adjusted prices were higher year over year in May, with the exception of pickup trucks. Used vehicles that sold the most were vans, followed by compact and sports cars.
The Dealertrack estimates indicate that used retail sales were down 7% year over year with new-light-vehicle sales down 30%, May new-vehicle sales were down 11% from April and a SAAR that came in at 12.7 million, 25% decrease as compared to last year.
According to the conference board, consumer confidence declined 2% in May, with an 11.3% decline for year over year.
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