Graphic: Manheim
Wholesale used car costs elevated 3.79% month-over-month in February, bringing the Manheim Used Car Worth Index to 169.2, a 17.9% improve from a 12 months in the past and a report excessive for the Index, led by a serious improve close to the month’s finish, in response to Manheim.
Manheim Market Report (MMR) costs strengthened by February, and the three-year-old MMR Index, which represents the biggest mannequin 12 months cohort at public sale, elevated 0.9% within the final week of February, leaving costs up 2.4% over the 4 weeks of the month, in response to the corporate.
The rise in February was the strongest improve for that week for any 12 months since 2014, Manheim mentioned. Over the month of February, MMR Retention, which is the typical distinction in worth relative to present MMR, averaged 101%. The gross sales conversion fee additionally elevated for a lot of the month.
On a year-over-year foundation, all main market segments noticed seasonally adjusted worth will increase in February. Pickup vans outperformed the general market, whereas most different main segments underperformed the general market.
Whole used car gross sales have been down 3% year-over-year in February, in response to Cox Automotive estimates. Cox estimated that February used SAAR to be 38 million, down from 39.4 million final February and flat in comparison with January’s 38.1 million fee.
Used retail provide peaked at 115 days on April 8, 2020, the place regular used retail provide is about 44 days’ provide, when analyzing a rolling seven-day estimate of used retail days’ provide primarily based on vAuto information. It ended February at 34 days, which is beneath regular ranges.
It’s estimated that wholesale provide peaked at 149 days on April 9, 2020, when regular provide is 23. It was all the way down to 23 days by month finish.
The common worth for rental threat items offered at public sale in February was up 11% year-over-year, Manheim mentioned. Rental threat costs have been up 4% in comparison with January. Common mileage for rental threat items in February (at 52,800 miles) was up 2% in comparison with a 12 months in the past and up 6% month-over-month.
