The federal criminal complaint that charged the two for odometer fraud alleged that for four years the two men had purchased vehicles from auctions, dealers, and individuals in order to alter the odometers to reflect lower mileage numbers.
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Manheim noted that this increase in wholesale price is an abnormal for this time of year, as higher depreciation is normally expected toward the end of summer.
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Wholesale values in August experienced the biggest increase since 2011, as Black Book’s Used Vehicle Retention Index was up 1.4% month-over-month.
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Residual values for three-year-old vehicles are flattening as a result of a record level of volume in the second quarter of 2018.
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Compact and mid-size cars claimed the top two spots in terms of best-performing segments for the week as values for the two segments were up 0.17% and 0.24%, respectively.
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This year, remarketing professionals descended onto Marco Island, Fla. to attend the 2018 International Automotive Remarketers Alliance (IARA) Summer Roundtable.
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The program is available to dealers at all 60 ADESA physical locations in the U.S., as well as to those using ADESA’s online and simulcast auction platforms DealerBlock and LiveBlock, the company noted.
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The used-vehicle market has performed exceptionally well so far in 2018, with J.D. Power Valuation Services’ Adjusted Used Vehicle Price Index reaching 119.3 through July. That’s 4.7 percentage points above year-ago levels and 4.8 points above January’s reading.
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The California new-vehicle market declined for the fifth consecutive quarter during the period ending in June, providing further proof that the market has plateaued after several years of big increases.
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The best-performing segment among cars was the full-size car segment. Among trucks, the best-performing segment was the small pickup segment, which was up 0.40% week-over-week.
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