Wholesale used-vehicle prices in October averaged $9,678 - up 1.3 percent compared to September and up 0.9 percent year-over-year.
by Staff
November 18, 2014
KONTOS
3 min to read
Wholesale used-vehicle prices in October averaged $9,678 - up 1.3 percent compared to September and up 0.9 percent year-over-year, according to ADESA Analytical Services’ monthly analysis of "Wholesale Used-Vehicle Prices by Vehicle Model Class."
KONTOS
"As in September, average prices for minivans were up significantly, but this reflects an increase in the percentage of current and one-year-old models sold in factory sales," said Tom Kontos, executive vice president at ADESA Analytical Services, in his monthly Kontos Kommentary. "Additionally, a large proportion of higher-priced, late-model manufacturer off-rental program vehicles, some of which were sold after delays due to recalls, biased average wholesale prices upward and masked the inherent softness of a wholesale used-vehicle market facing high incoming supply.'
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Retail used-vehicle demand did not provide quite the support to auction prices it had in previous months, according to Kontos, as franchised dealers did well simply to retail the many units they have been taking from off-lease purchases and in trade on strong new vehicle sales.
Prices for used vehicles remarketed by manufacturers were down 11.3 percent month-over-month and 8.6 percent year-over-year, as manufacturers sold off elevated program vehicle inventories, including recalled units.
Prices for fleet/lease consignors were down 3.7 percent, sequentially, and 2.2 percent annually. Prices for off-rental “risk” units within this segment were again down significantly. Dealer consignors were the only seller group that saw average price increases in October, registering a 1.4-percent increase versus September and a 0.7-percent increase relative to October 2013. According to Kontos, this bodes well for the wholesale market’s ability to absorb excess dealer trades.
Retail used-vehicle sales in October were down 18 percent month-over-month and 3.8 percent year-over-year, based on data from CNW Marketing/Research; however, franchised dealers saw a 2.2-percent year-over-year increase, indicating they are having success in retailing the many trade-ins they are taking in light of strong new vehicle sales.
According to Autodata, sales of certified pre-owned (CPO) vehicles were up 7.5 percent vs. September and 13.8 percent from the prior year. Strong CPO sales have been particularly useful in absorbing high incoming lease volumes.
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