ATLANTA – In what remained a volatile marketplace in the first half of 2010, used-vehicle retail sales volumes increased, wholesale used-vehicle volumes declined, and wholesale vehicle values reached record highs.
These and a host of other industry trends are analyzed in-depth in the Mid-Year edition of Manheim’s Used Car Market Report, a source of information and trends that shape the wholesale and retail used vehicle markets. The Report was released today by Manheim Consulting chief economist Tom Webb and is available online at www.manheim.com/consulting.
“Everyone with a stake in the used vehicle market needs as much information as possible to make smarter decisions,” said Manheim president and CEO Dean Eisner. “Readers from all segments of the industry will find this report useful as they develop a deeper understanding of the state of the used vehicle business.”
Among the highlights of the Report:
- Total used vehicle retail sales increased by 3.6 percent in the first half of 2010; sales by dealers were up 4.4 percent and private-party transactions rose by 1.8 percent.
THE WHOLESALE MARKET
- Auction volumes declined in the first half of the year, with units sold down 8.2 percent from last year, according to the National Auto Auction Association.
- Wholesale prices, meanwhile, reached a record high in May’s Manheim Used Vehicle Value Index. On an annual average basis, wholesale used vehicle prices as of June were 5.3 percent above their year-ago level.
COMMERCIAL AND GOVERNMENT FLEETS
- The shortage of used vehicles in the auction lanes has brought strong demand and prices for end-of-service fleet vehicles.
- In the first half of 2010, the number of vehicles remarketed through salvage auctions declined approximately 5 percent, and it is unlikely that salvage volume will rebound until the economic recovery gains enough momentum that vehicle owners are encouraged to scrap rather than repair damaged vehicles.