Wholesale used vehicle prices soared more 4 percent in February.
According to the Manheim Used Vehicle Index released Tuesday, prices jumped 4.3 percent from the end of January. It was the largest February increase for wholesale used vehicle prices since 2009’s 4.4. percent rise.
Even with the rise in February, wholesale used vehicle prices are still down 7 percent from February 2022 — the all-time peak of the index.
In the eight major market segment tracked by Manheim, wholesale used vehicle prices remained down between 3.9 percent and 10.1 percent year over year. Luxury cars had the largest decrease. Pickups had the lowest decline, followed by compact cars and midsize cars. SUVs were down 8.6 percent from the previous year.
Wholesale used vehicle inventory was down two days to 24 days and five days less than a year ago.
Another report from Dealertrack showed retail sales slowed in February.
Retail sales were down 5 percent from January at Dealertrack’s set of stores. From February 2022, sales were down 9 percent.
Even as sales slowed, retail inventory waned. According to vAuto, the days of supply were down seven days from the end of January and 13 days lower than February 2022.
