Wholesale auction sales continued to outpace year-ago levels in September, with sales up 5.5% on a selling-day adjusted basis compared to September 2024, according to AuctionNet data released Oct. 13.

However, sales fell 1.6% from August, which marked the first monthly decline recorded since June. 

Sales over the third quarter of the year were 6% higher than in Q3 2024, and sales through the first nine months of the year were nearly 6% higher than over the period in 2024.

Commercial activity continued to power sales growth last month, with commercial sales nearly 16% higher than in September 2024 and 5% higher than in August. But dealer sales fell 5% versus August and were 3% lower on a prior-year basis. Dealer sales have fallen on both a prior-year and a monthly basis for two months in a row. 

Sales of Used Units Mixed

Auction sales of vehicles up to 2 years old were nearly 30% higher this September than they were last year, and sales for the group were also nearly 9% higher than in August (selling day adjusted). 

"Two-year-old volume at auction is primarily commercial in nature, which has been the case all year long," said Larry Dixon, VP of auction data solutions at AuctionNet. "Year-to-date, commercial sales for the group are up 29%. By comparison, dealer sales are up 14% on a year-over-year/year-to-date basis. Commercial activity is largely due to rental fleets remarketing out-of-service units."

By comparison, sales of 3-year-old units, which include a large mix of off-lease vehicles, were 21% lower last month on a prior-year basis and down 5% compared to August. Commercial sales of 3-year-old units were nearly 21% lower in September versus last year. 

The industry should see more 3-year-old volume next year, given the improvement in new vehicle lease activity that occurred in 2023. New vehicle leases grew by about 14% year-over-year in 2023, and most new vehicle leases are for a 36-month term. 

Sales of 4-to-5-year-old units also continued to trend lower last month, dropping 8.5% versus last September and nearly 4% compared to August.  

"Used vehicle demand, in general, continues to be supported by higher new vehicle prices," Dixon said. "For context, the average vehicle price for a 3-year-old vehicle in Q3 2025 was about $26,000, to which we can add about $3,000 to $4,000 for retail markup, which equates to $29,000-$30,000. That is about 35% less than the average new vehicle price ($46,000). This is a substantial savings off the new price."

As for segments, few material changes occurred in longer-running trends last month: Auction sales of more affordable mainstream cars continued to move lower, while sales of utility vehicles moved higher on a prior-year basis.

• Total electric vehicle sales exceeded 119,000 units over the first 9 months of the year, surpassing 2024’s full-year figure of 109,300 units (+48% on a selling day adjusted basis).

• Hybrid sales are up 18% year-to-date and used price retention is superior to comparable ICE and EV models, on average. For context, 3-year-old retention for EV models averaged 37.2% in September, while hybrid retention averaged 66.6%. 

• Wholesale prices for 2-to-8-year-old vehicles averaged $18,400 in September, down 2.1% from August but 5.1% higher than in September 2024. 

• From a depreciation standpoint, wholesale prices are down just 4% compared to January; for context, depreciation was 7% over the first 9 months of 2024 and was more than 10% in 2023.

Monthly AuctionNet data is derived from 265 National Auto Auction Association member auctions that use AuctionNet, and is considered the most comprehensive source of wholesale auto auction sales data in the U.S.