ATLANTA - Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) inched higher in October. Absent the seasonal adjustment, auction prices declined in October, as they invariably do. The Manheim Used Vehicle Value Index stood at 112.0 in October, a decline of 0.4 percent from its year-ago level. It was the first year-over-year decline in the Manheim Index since October of 2004 and it was due, in part, to the comparison made against a strong pricing environment last year.

For the past several months, wholesale used-vehicle prices have been fairly stable as the negative impact of an excessive inventory of carryover new units on dealership lots offset the beneficial effects of low unemployment and good credit availability, according to Manheim.