Used-vehicle sales in the period were up more than 5% year over year, in line with spring fever and the tax refund season.
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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.
Read More →The average daily sales conversion rate increased to 62.5%, showing that demand improved relative to February.
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Prices in all vehicle market classes dive by double-digit teen percentages with electric vehicles down the most by 19% compared to March 2023.
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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.
Read More →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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In a first-ever metric compiled by Cox Automotive, seasonally adjusted electric vehicle values ended 2023 down 17%, while non-EVs were down 7.1% for the year.
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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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