ATLANTA — Wholesale used-vehicle prices rose for the sixth month in a row in October, increasing by 1.02% from the month prior and 8.1% from a year ago to 136.3, according to Manheim’s October Used Vehicle Value Index.
All major market segments registered gains, with SUVs/CUVs, pickups, and vans leading the way. As has been the case for the months following Hurricanes Irma and Harvey, post-hurricane recovery was the main driver.
“Replacement demand combined with a reduction in available supply has caused wholesale inventories to tighten. The impact to the wholesale market was widespread, resulting in abnormal wholesale price gains for another month,” the Manheim report stated.
Used-vehicle sales improved 3% on a year-over-year basis in October, according to Cox Automotive estimates. Most of that retail growth has originated from the sale of vehicles less than 4 years old — the age range that represents the largest segment of vehicles in the used car market, Manheim noted.
Looking at new-vehicle sales, October sales volume fell 1% year over year. However, sales were strong compared to the rest of 2017, Manheim added. And, as has been the case for much of the year, car sales continue to slack as light truck sales continue to grow.