Wholesale Prices Increase Halfway Through September
Friday September 17, 2021
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 3.6% in the first 15 days of September compared to the month of August. This brought the Manheim Used Vehicle Value Index to 201.4, a 24.9% increase from September 2020.
Manheim Market Report (MMR) prices saw a strong increase through the first two full weeks of September. The Three-Year-Old MMR Index, which represents the largest model year cohort at auction, experienced a 2.0% cumulative increase over the last two weeks. Over the first 15 days of September, MMR Retention, which is the average difference in price relative to current MMR, averaged 100.8%, which indicates that valuation models are not keeping pace with the increase in market prices. The sales conversion rate increased in the first half of September relative to August and is at an elevated level for this time of year. The latest trends in the key indicators suggest wholesale used vehicle values will likely see further gains in the days ahead.
On a year-over-year basis, all major market segments saw seasonally adjusted price gains through the first 15 days of September. Pickups had the smallest year-over-year gains, while vans had the largest at 40.7%. Compared to August, pickups had the smallest growth in the first half of September, while vans had the largest gains.
Access the mid-month update for the full report.
The complete suite of monthly MUVVI data for September will be released on Thursday, Oct. 7, 2021, the fifth business day of the month as regularly scheduled. If you have any questions regarding the Index, please contact the Cox Automotive Industry Insights team at Manheim.Data@coxautoinc.com.
Register now for the Q3 Manheim Used Vehicle Value Index call which will be held on Thursday, Oct. 7, at 11 a.m. EDT.