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Strong spring sales thanks to tax refunds and stimulus checks depleted the supply.
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The Manheim Used Vehicle Value Index hit a record high for the second consecutive month, as wholesale used-vehicle prices rose 1.1% month over month in June. The increase brought the Index to 129.3, a 2.5% increase from a year ago.
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Used vehicle prices experienced a reversal in May, falling 1.2% from the previous month, according to Black Book.
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Used vehicles increased 0.4% in value in April, as buyers boosted the value of smaller cars, which have begun to shrug off several years of heavier declines, according to Black Book.
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Small pickups performed the best in February, according to Black Book, increasing their value by 0.2%. Vehicles in the small pickups segment include the Toyota Tacoma, Chevrolet Colorado, Nissan Frontier, and Honda Ridgeline.
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A record number of newer model year off-lease vehicles returning to dealer lots this year will be putting significant upward pressure on the late-model used market, according to the February 2017 Edmunds Used Vehicle Market Report.
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Small and large pickups were among the top performing segments in January with a 1.1% depreciation rate among two- to six-year-old vehicles sold in auction lanes, according to Black Book.
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By implementing one or two new strategies — such as timing sales based on mileage or seasonality, expanding sales channels, or considering purchasing options — small fleet operators can return more money to their fleet’s bottom line.
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In May, average wholesale values fell relative to April, though they remain up on a year-over-year basis largely because of the price strength of trucks, according to ADESA.
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Used vehicle values from the 2010 to 2014 model years fell 0.5% in May from April levels with cars showing a slightly higher depreciation rate than trucks, according to Black Book.
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