Wholesale used-vehicle prices declined in May from the previous month, with sales prices at the retail level declining as well, automotive services company Cox Automotive said in a June 6 statement.
The Manheim Used Vehicle Value Index, which measures pricing trends in the sector, fell 1.4 percent on a monthly basis in May. Jeremy Robb, senior director of Economic and Industry Insights at the company, said while wholesale price growth was “remarkably strong” in April, “the market gave some of that strength back in May.”
Despite the decline last month, wholesale used-vehicle prices remain “well above” last year’s levels, he said, adding that weekly wholesale price depreciation was observed to be stronger in the middle of May but slowed down in the past week….