Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased for the third consecutive month in June, resulting in aManheim Index reading of 126.2.
After rising every month in the second quarter, wholesale prices are now at their highest level in more than four years — only 1.3% from the record high reached in May 2011, according to Manheim.
A straight average of auction prices for rental risk units sold in June jumped nearly 18% from a year ago, according to Manheim.
Last June, the average mileage on rental risk units was a record-high 51,200 miles. This year, it fell to 38,500 miles — the lowest since December 2013, says Manheim. June’s mix of crossovers and vans was significantly higher, while the share of rental risk unit sales accounted for by mid-size cars was down. Rental units being sold at auction this June were also in better condition.
Rental risk auction prices — adjusted for broad changes in mix and mileage (but not condition) — were flat in June relative to a year ago. Prices were up 2.2% from May on significantly lower volume, according to Manheim.
All of the strength in wholesale pricing remains concentrated in pickups, vans, and certain sports cars — the same segments that are enjoying the strongest increases in average new vehicle transaction price. Wholesale pricing for all other market classes is flat to down.
Source: Auto Rental News