This was the first time the Manheim Market Report index reading has been under 200 since March 2021, illustrating the outsized moves in the index over the last three years.
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Total days’ supply at the start of March fell to 44, compared with the revised 53 at the beginning of February, a 20% decline.
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Domestic brands continue to have the highest inventory while Asian imports rank lowest.
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The latest numbers more activity in the lanes at Manheim in the second half of the month and finished the last week of February with some of the strongest weekly gains in wholesale prices for many years.
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Meanwhile, used vehicle retail sales pick up in January thanks in part to vehicle prices being down 4% year-over-year, boosting affordability.
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The days’ supply is down 16% compared to the start of the year, as sales of used-vehicles picked up in the month and inventory decreased.
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Inventory levels reach the highest point since June 2020 while the number of buyers who can afford a new vehicle is the best since June 2021.
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For the full year, Cox Automotive estimates sales for used retail were down about 3%, curtailed by a constrained supply of newly used vehicles in the market.
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All major vehicle segments saw price declines compared to last month, with most categories exceeding the average industry decline.
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Manheim expects constrained growth with a volume increase of less than 1% in 2024, indicating a return to a more normal market.
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