Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 3.79% month over month in February. This brought the Manheim Used Vehicle Value Index to 169.2, a 17.9% increase from a year ago and a record high for the Index.
Manheim Market Report (MMR) prices strengthened as the month progressed. The Three-Year-Old MMR Index, which represents the largest model year cohort at auction, increased 0.9% last week, leaving prices up 2.4% over the four weeks of February. The increase last week was the strongest increase for that week for any year since 2014. Over the month of February, MMR Retention, which is the average difference in price relative to current MMR, averaged 101%. The sales conversion rate also increased for most of the month.
On a year-over-year basis, all major market segments saw seasonally adjusted price increases in February. Pickup trucks outperformed the overall market, while most other major segments underperformed the overall market.
For 26 years, the MUVVI has been the definitive source on the state of the used vehicle market. Based on millions of individual valuations each year, it is the automotive industry’s only measure of used vehicle values that is seasonally adjusted and accounts for changes in mix and mileage of vehicles sold. The monthly data are derived from vehicles sold at Manheim’s U.S. locations and on its digital properties. Stock market analysts and media use the MUVVI as an indicator of the health of the economy and automotive industry.
The complete suite of monthly MUVVI data is released on the fifth business day of the month. The next quarterly call will be held on Wednesday, April 7, 2021. If you have any questions regarding the Index, please contact the Cox Automotive Industry Insights team at Manheim.Data@coxautoinc.com.