Wholesale used car prices continue to rise in first half of Aug.

Wholesale used car values rose slightly in the first half of August over July, evidence of stronger pricing for the preowned market than is usual for this time of year.

Driving the news: Used vehicle prices at auction have fluctuated throughout the year but mostly moved towards pre-pandemic norms. We’re seeing this trend take a slight detour in August, according to Cox Automotive.

• Wholesale values rose 0.5% from July 2024 and declined 4.5% from August 2023. The month-over-month change is slightly ahead of the historical average.

• Prices of three-year-old vehicles, the biggest segment examined in Cox Automotive’s Manheim Market Report, rose 0.4%. This is abnormal since values in the category usually drop 0.2%.

Zooming in: Price declines are hitting each segment differently, with some model types depreciating faster than others year-over-year.

• Luxury and midsize vehicles saw below-average price declines compared to 2023, losing only 4.1% and 4.3% of their value, respectively.

• On the other hand, prices for pickups (-5.6%), SUVs (-5%) and compact cars (-6.2%) fell faster than the average.

• On a monthly basis, only the compact car segment saw price declines from July, losing only 0.2%.

Zooming out: While new vehicle supply has been chaotic since late June due to the CDK Global outage, used car inventory appears to be comparatively stable.

• Cox estimates that the current wholesale supply is down two days from the end of July. This puts days’ supply at 25 days, the same as last August.

• Last month, supply levels gained a day from June, although that’s lower than July 2023’s 28 days.

Bottom line: Overall, the wholesale market is showing signs of resiliency for this time of year, although some segments are showing more weakness than others. It remains to be seen what effect that strength will have on actual transaction prices once the month comes to an end.

Become an automotive insider in just 5 minutes.

Get the weekly email that delivers transparent insights into the car market.

Join 74,000 others now, it's free:

The Auto Hauler Exchange has revolutionized the way vehicle haulers and vehicle shippers collaborate. AHX's B2B marketplace connects vehicle haulers directly to shippers in a frictionless manner.

The Exchange helps vehicle haulers maximize their capacity while limiting empty miles. The Exchange is the first true B2B marketplace of its kind in the vehicle logistics industry.

By connecting carriers and shippers directly, carriers can save time and choose which opportunities fit their needs each day.

At the same time, shippers can rest assured that their vehicles are being moved by qualified, vetted carriers who fit their vetting program.

The Auto Hauler Exchange has democratized the vehicle logistics industry by eliminating the middleman and connecting shippers directly to available carriers.

Get off the vehicle hauling roller coaster today with Auto Hauler Exchange.