On a mix, mileage, and seasonally adjusted basis, wholesale used-vehicle prices dropped 4.2% from May to June. Manheim’s Used Vehicle Value Index (MUVVI) fell to 215.1, a 10.3% decline from a year ago.
According to Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive, “The 4.2% drop is among the largest declines in MUVVI history and the largest decline since the start of the pandemic in April 2020 when the index plunged 11.4%.”
He continues, “The year-over-year decline was also significant, with another 2.7% drop from May’s annualized 7.6% decline, but as was indicated last month, auction prices were lower in the fall of last year. As a result, we anticipate that these escalating year-over-year changes will diminish in the months to come as the market returns to normal.”
The decline in June was a record for the month, and the seasonal adjustment had a minor influence. The unadjusted average price fell 10.1% over the past year due to a 3.8% decline in the non-adjusted price change from May to June.
With the same number of selling days as June 2022, the overall number of new light vehicle sales in June increased by 19.9% from the prior year. New car sales in June increased in volume by 0.5% from the previous month. The seasonally adjusted annual rate (SAAR) for June sales was 15.7 million, up 4.0% from the previously reported 15.1 million pace for May and up 20.2% from the 13.0 million pace from last year.
Total sales to big rental, commercial, and government fleets rose 45% from the previous year. Sales into rental fleets increased by 85%, commercial fleets by 15%, and government fleets by 41% year over year. According to estimates, the fleet market share increased from 16.3% in May to 17.4%, an increase of 2.1% above the share from the previous year.