Manheim Report: Used vehicle values fall for 3rd straight month in June

The Manheim Used Vehicle Value Index ,MUVVI, declined to 215.1 in June, ending the first half of 2023 down 10.3% from a year ago. Additionally, wholesale used-vehicle prices, on a mix, mileage, and seasonally adjusted basis, decreased by 4.2% in June. This decrease, a record for June, was impacted by the seasonal adjustment and other factors, including multiple holiday weekends. The non-adjusted price change in June decreased by 3.8% compared to May, moving the unadjusted average price down 10.1% year over year. “The wholesale market story for the first half of 2023 can be summed up in one word: volatile,” said Cox Automotive Chief Economist Jonathan Smoke. “The result, however, is not unexpected. Larger upswings during the first quarter and a downward trajectory that began in the second half of March have brought us to roughly where we expected to be at this point in the year. The good news is that the worst of this is likely behind us. Used retail sales held steady in June and are showing signs of strengthening – inventory levels are generally balanced between supply and demand.” Publicly traded companies in the space include Ford (F), General Motors (GM), Honda (HMC) Tesla (TSLA), Toyota (TM) ,Volkswagen (VWAGY), AutoNation (AN)m Copart (CPRT) CarMax (KMX) and Carvana (CVNA).