Wholesale prices were down in February vs. January, atypical of their seasonal pattern, but were up modestly on a year-over-year basis, despite continued wholesale supply growth coupled with weaker retail demand limited by severe weather conditions, according to ADESA Analytical Services’ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class1.
This unusual pattern would indicate that dealers were fairly aggressive in proactively bidding in-lane and online for the vehicles they need for the budding Spring market, especially highly certifiable off-rental program vehicles remarketed by auto manufacturers.
According to the report, wholesale used vehicle prices in February averaged $9,839 - down 1.4 percent compared to January, but up 0.9 percent relative to February 2013. Compact cars and vans, which are popular rental and fleet vehicles, were the only segments that had both monthly and annual price gains.
Prices for used vehicles remarketed by manufacturers were up 1.3 percent month-over-month and up 6.3 percent year-over-year, as manufacturers capitalized on strong demand for certifiable units. Prices for fleet/lease consignors were down 0.5 percent sequentially, but up 1.1 percent annually. Dealer consignors saw a 1.1-percent average price increase vs. January, but a 0.9-percent uptick versus February 2013.
Based on data from CNW Marketing/Research, retail used-vehicle sales were down 15.6 percent month-over-month, as severe weather again negatively impacted auto shopping. On the other hand, sales of certified pre-owned (CPO) vehicles in February were up 7.7 percent from the prior month and up 14.1 percent from the prior year, based on figures from Autodata. The strong certified sales may have been a factor in strong pricing for off-rental program units sold by the manufacturers.
Wholesale Used Vehicle Price Trends Average Prices ($/Unit) Latest Month Versus: Feb-14 Jan-14 Feb-13 Prior Month Prior Year Total All Vehicles $9,839 $9,983 $9,747 -1.4% 0.9% Total Cars $8,776 $8,869 $8,854 -1.1% -0.9% Compact Car $7,130 $7,010 $6,910 1.7% 3.2% Midsize Car $8,140 $8,258 $8,262 -1.4% -1.5% Fullsize Car $6,889 $6,771 $7,413 1.7% -7.1% Luxury Car $11,999 $12,209 $11,963 -1.7% 0.3% Sporty Car $12,002 $12,343 $12,144 -2.8% -1.2% Total Trucks $10,239 $10,438 $9,531 -1.9% 7.4% Mini Van $7,609 $7,448 $6,910 2.2% 10.1% Fullsize Van $10,907 $10,341 $9,952 5.5% 9.6% Mini SUV $11,988 $11,987 $10,993 0.0% 9.1% Midsize SUV $7,324 $7,503 $6,560 -2.4% 11.6% Fullsize SUV $10,652 $10,981 $10,130 -3.0% 5.2% Luxury SUV $18,210 $18,941 $18,583 -3.9% -2.0% Compact Pickup $7,260 $7,362 $7,459 -1.4% -2.7% Fullsize Pickup $12,460 $12,632 $11,532 -1.4% 8.0% Total Crossovers $12,615 $12,768 $13,398 -1.2% -5.8% Compact CUV $11,480 $11,553 $11,873 -0.6% -3.3% Mid/Fullsize CUV $13,791 $13,999 $14,916 -1.5% -7.5% Source: ADESA Analytical Services. January data revised.
