CARMEL, IN – Retail used-vehicles sales worsened in July and this helped drag down average wholesale used-vehicle prices 2.2 percent relative to June – the fourth consecutive monthly drop, said Tom Kontos, chief economist, ADESA Inc. Year-to-date retail used-vehicle sales volumes are now the lowest of the decade, after two consecutive months of double-digit year-over-year declines.
ADESA Analytical Services continues to expect diminished retail demand until dealers reduce existing used-vehicle inventories through clearance pricing that will help make these units more competitive with discounted new vehicles. Some help from the economy will also be necessary, and the Fed’s first “pause” after two years of rate increases is a step in that direction, said Kontos.
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