Used Retail Vehicle Sales Increase in March
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.
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.
Used-vehicle sales in the period were up more than 5% year over year, in line with spring fever and the tax refund season.
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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Fleet/lease sales were responsible for the increase in auction volume in the first quarter as dealer sales fell 5.4% YOY and fleet/lease sales rose nearly 29%.
The average daily sales conversion rate increased to 62.5%, showing that demand improved relative to February.
The devices will capture electric vehicle battery health information and transmit that information to Manheim CRs and vehicle detail pages, where battery health information will be displayed on Manheim.com listings.
Prices in all vehicle market classes dive by double-digit teen percentages with electric vehicles down the most by 19% compared to March 2023.
Total days’ supply at the start of March fell to 44, compared with the revised 53 at the beginning of February, a 20% decline.
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.
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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