The Manheim Used Vehicle Value Index increased 6.6% comparing the first 15 days of June to the month of May. This brought the Index to 146.1, which is up 4.0% from June 2019.
If the mid-month value of the Manheim Index holds for the full month, wholesale values will have completely recovered from the March and April declines, according to Cox Automotive’s mid-month report. Recovered wholesale demand is sending prices higher much as it typically does in tax refund season each year.
If they hold, the gains appear to be the largest in the history of the Index, going back to 1995.
As used vehicle retail sales have been strongly recovering, retail supply has fallen to below normal levels, and wholesale supply is quickly declining and getting closer to normal levels, the report said.
The average price for rental risk units sold at auction in the first 15 days of June was up 0.5% year-over-year. Rental risk prices were up 6% compared to May. Average mileage for rental risk units in the first half of June (at 40,500 miles) was down 13% compared to a year ago and down 12% month-over-month.
Originally posted on Auto Rental News