Chip shortages and surging demand are squeezing used vehicle sales while inflating prices.
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The Manheim Used Vehicle Value Index hit a record high of 203, and likely won't reach into the 200s again for several years.
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Demand has been healthy, inventories tight, and dealers have felt little pressure to lower prices.
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On a year-over-year basis, all major market segments saw seasonally adjusted price increases in April.
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Strong spring sales thanks to tax refunds and stimulus checks depleted the supply.
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While the COVID-19 pandemic slowed remarketing efforts for some fleets and ramped them up for others over the past year, 2021 fleet remarketing is looking better for most everyone.
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The industry quickly turned to online services when the pandemic hit, utilizing digital-only sales, which ultimately kept the industry from halting completely.
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Cox Automotive’s chief economist, Jonathan Smoke, said he didn’t expect the Fed’s latest move to match the impact of the July cut for auto manufacturers or dealers.
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The used industry's seasonally adjusted annual rate (SAAR) was 39.8 million during June, down from the 41.1 million SAAR from the same time last year, according to Cox Automotive estimates.
Read More →EchoPark doubled the amount of used vehicles it sold in the first quarter of 2019, signaling a growing demand for used vehicles.
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