
All major vehicle segments saw price declines compared to last month, with most categories exceeding the average industry decline.
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While the used vehicle market is not fully back to normal, it shows signs of more stability and balance.
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Supply chains have stabilized while market headwinds from high interest rates and high prices are muting sales.
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While the UAW strike has slowed output at auto factories nationwide, the fallout has not fully hit consumers in dealer showrooms.
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During the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 0.3%, which was less than half of the normal decline for this time of year.
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Analysis: The actions of the UAW will reverberate through the larger auto business, but nowhere near what was experienced in April 2020. Sales into fleet could suffer in 4Q if a strike is wide and persists. Rental car companies may return to the used car market like they did in 2021 and 2022, driving prices higher.
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The average listing price of a vehicle remained above $47,000 since April, while the ATP of a new vehicle in July was $48,334 compared with $48,671 in June.
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Dealer lots are no longer empty, with far more selection for vehicle shoppers who may have been waiting to buy a particular model.
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Declines in Manheim Market Report prices, days' supply, and average daily sales conversion rates are following typical patterns for November.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
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