Wholesale used vehicle prices increased 0.47% month-over-month in October, bringing the mid-month Manheim Used Vehicle Value Index to 161.9, a 15.4% increase from October 2019.
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Wholesale used vehicle prices increased 0.9% in the first 15 days of October compared to the month of September, bringing the mid-month Manheim Used Vehicle Value Index to 162.7, a 16.0% increase from October 2019.
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Wholesale used vehicle prices increased 3.64% month over month in August, bringing the Manheim Used Vehicle Value Index to 163.7 a 15.8% increase from a year ago and another record-high for the Index, which also occurred in June and July of 2020.
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The average transaction price for a light vehicle in the U.S. in June was $37,285.
Read More →All vehicle segments, except for large utility vehicles experienced a decline in auction volume through the month, the report added.
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One tactic that OEMs are leveraging in order to offset some of this growth is the use of incentives.
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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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