Wholesale used-vehicle costs practically flat between June and July
Wholesale used-vehicle costs exhibited solely a tiny decline in July amid a stagnating summer season gross sales season.
Cox Automotive stated Friday that wholesale costs fell simply 0.1 % in July compared with June. The Manheim Used Vehicle Value Index — an indicator of used-vehicle market pricing traits — declined to 219.6, down from 219.9 in June however up from 195.2 in July 2021.
In the end, wholesale costs stay elevated in 2022 in contrast with 2021. They had been 12.5 percent higher in July than within the year-earlier interval. These numbers are adjusted for combine, mileage and seasonality. On a nonadjusted foundation, the index fell 3.2 % in July from its June stage, with costs up 10.2 % 12 months over 12 months.
Used-retail gross sales fell 13 % in July from June, and gross sales had been down 16 % year-over-year, based on Cox Automotive. Gross sales in July had been down 29 % in contrast with 2019 — the “worst comparability” towards 2019 since January, based on Cox Automotive.
Common wholesale costs for 3-year-old autos, the most important mannequin 12 months cohort at Manheim‘s auctions, fell 2.7 % over the past 4 weeks.
Cox estimated used-vehicle retail provide stood at 48 days on the finish of July. That is down from 52 days on the finish of June however up from 41 days in July 2021. Wholesale provide ended July at 31 days, greater than 26 days in June and better than 22 days in July 2021.
Black E book index
One other indicator of wholesale pricing traits — Black E book’s Used Vehicle Retention Index — additionally declined month-over-month.
The index fell to 189.3 factors in July, down 2.2 factors from its June stage, based on knowledge launched Wednesday by Black E book. That was up 16.9 % from July 2021 and 50.2 % from July 2020.