Wholesale flattens mid-month, while used retail vehicle sales rose slightly but are still down compared to last year.
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The 1.66 million used vehicles sold at retail are up 11% year over year compared to March 2023 and the highest volume since March 2022.
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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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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.
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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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Over the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 1.9%, which was more than the normal decline of 1% for the time of year.
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Wholesale used-vehicle prices decreased 2.3% in October from September and were down 4% from a year ago.
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Applying deep data science to vehicle inventory management can spur more accurate pricing models in real-time.
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The fourth quarter should bring stable pricing among buyers and sellers, which should reflect only modest changes between now and the end of the year.
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