Resale Prices Up for Third Consecutive Month

ATLANTA – Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) rose for the third consecutive month in October. The Manheim Index reading was 112.5 for October, up 5.7 percent from a year ago and up 9.9 percent for the cyclical low point in April 2003. Wholesale used-vehicle prices before the seasonal adjustment declined between September and October, but the decline (0.6 percent) was much less than normal, thus, the rise in the seasonally adjusted index.

Propelling prices higher in October were the low level of carryover new vehicle inventory, reduced new-vehicle incentives, and solid retail demand for used vehicles.