During the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 0.3%, which was less than half of the normal decline for this time of year.
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With sales slightly stronger than expected, tight supply, and prices at about 6% below last year, these factors are expected to prevent any substantial decline in wholesale prices through year-end.
The number of used vehicles for sale had been increasing after hitting a low point in March but that increase in inventory stalled in mid-July and into August, as sales unexpectedly picked up.
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The conversion rate indicates that the first 15 days of August saw buyers with more bargaining power for this time of year.
While the total supply of unsold used vehicles is down from the same time a year ago, they are up from the end of June.
All major market vehicle segments saw price declines year over year and all were down compared to the previous months, except for one.
Wholesale supply has increased with weaker purchase activity in early July, yet it is otherwise normal for this time of year.
While sales stalled a bit after mid-February compared to 2022, at mid-year the market is not getting worse with small percentage increases.
Upside provides a way to generate profits in wholesale or retail, so they can take in more trades and close more retail deals, and is a way to link buyers and sellers nationwide.
The last several months have closely followed 2019 levels, the last normal year, which means dealers are balancing their inventory to the sales rate and keeping days’ supply steady even as total supply improves.
The Manheim Market Report values saw above-average declines that were relatively consistent, with values declining almost 4% in the last four weeks.
While CPO outperformed total and retail used-vehicle sales in May, CPO sales are most likely muted due to high prices, declining credit availability and high interest rates.
All major market vehicle segments saw seasonally adjusted prices that were lower year over year in the first half of June.
As vintage Chevrolet trucks increase in popularity with enthusiasts, more trucks are going up for auction and sale prices for the most coveted trucks keep increasing. As we look back at 100 years of Chevy truck history, here’s a gallery of the nine most expensive Chevrolet trucks sold at Barrett-Jackson auctions to date. Photos courtesy of General Motors.
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