Dealer-, commercial-, and fleet-related wholesale used vehicles under three years all showed healthy double-digit yearly percentage gains.
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Manheim Market Report (MMR) values saw some volatility but ended with stronger price appreciation in the last week of the month, with values rising 0.2% in the last week alone.
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Electric vehicle sales of all ages hit the highest tally ever recorded for any month-to-date, while sales of used rental cars spiked the under two years segment.
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The Manheim index is at its highest point since October 2023, after the market saw stronger-than-usual gains in non-seasonally adjusted values.
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Commercial sales were the primary reason for 2024’s increase in sales, with broad-based growth across rental, commercial, off-lease, and repo units.
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Analysis: It appears the period of used-vehicle price correction is over with the market coming down from pandemic peaks.
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Wholesale values declined slightly more than usual at year-end, but it was still the most normal year for depreciation trends since 2020.
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Commercial vehicles running through auction channels are driving most of this year’s sales growth.
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Tight supply in wholesale and retail vehicle markets will support healthy dealer demand through December.
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Retail used-vehicle sales have also increased for five consecutive weeks, and that should keep dealer demand for wholesale units elevated in the coming weeks.
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