In May, average wholesale values fell relative to April, though they remain up on a year-over-year basis largely because of the price strength of trucks, according to the latest Kontos Kommentary from ADESA Chief Economist Tom Kontos.

According to ADESA Analytical Services’ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class, wholesale used vehicle prices in May averaged $10,709 — down 1.4% compared to April and up 2.4% relative to May 2015.

Average prices for most vehicle model class segments were down on a month-over-month basis, including many of the truck segments, according to ADESA.

Average wholesale prices for used vehicles remarketed by manufacturers were up 2.5% month-over-month but down 2.8% year-over-year, according to ADESA. Prices for fleet/lease consignors were down 0.6% sequentially and down 0.8% annually. Dealer consignors registered a 1.9% decrease versus April but a 2.3% increase relative to May 2015.

Data from NADA showed a 0.5% year-over-year decrease in retail used vehicle sales by franchised dealers and a 1.2% increase for independent dealers in May, while both were up significantly up month over month.

This Kontos Kommentary analysis is based on nearly six million annual sales transactions from more than 150 of the largest U.S. wholesale auto auctions, including those of ADESA as well as other auction companies. ADESA Analytical Services segregates these transactions to study trends by vehicle model class.