Wholesale Used Vehicle Prices Lurch Up in June – Remarketing

Wholesale used-vehicle prices (on a mixture, mileage, and seasonally adjusted basis) were higher in June in comparison with May, while the Manheim Used Vehicle Value Index (MUVVI) increased to 208.5, representing a 6.3% year-over-year increase and a 1.6% rise above May levels, in line with Cox Automotive.

The seasonal adjustment forced the index higher within the month, as non-seasonally adjusted values fell greater than usual following the volatility induced by the tariff announcement. The non-adjusted price in June decreased 1.1% in comparison with May, which makes the unadjusted average price higher by 5.1% 12 months over 12 months.

“Wholesale appreciation trends have been more volatile over Q2 as tariffs really impacted latest sales and provide, which impacted the used marketplace as well,” said Jeremy Robb, senior director of economic and industry insights at Cox Automotive, in a July 8 news release. 

“The Manheim index has generally been rising since last June, and we typically see the strongest changes for the 12 months within the second quarter because the ‘spring bounce’ ends. As we move through the second half of 2025, it’s likely that a number of the reported strength out there tapers, because the year-over-year comparisons are tougher within the back half of the 12 months. Even so, retail sales proceed to run hotter than prior years, and off-lease supply into the market remains to be on a downward path, two aspects which ought to be fairly supportive of upper values as we move onward.”

In June, Manheim Market Report (MMR) values declined for every week of the month, with the biggest weekly decline occurring in the ultimate week. In that final week, MMR values fell by only 0.6%, higher than weekly rates earlier within the month. Over the past 4 weeks, the Three-Yr-Old Index decreased 1.3%, higher than normally seen. Those self same weeks delivered a mean decrease of just 0.6% between 2014 and 2019, indicating depreciation trends were elevated and influenced by the volatility from the tariffs during the last quarter.

Over the month, every day MMR Retention, the common difference in price relative to the present MMR, averaged 99.2%, meaning market prices stayed below MMR values this month, yet they were higher than May levels. Against last 12 months, valuation models were down by 0.1 percentage points (10 bps) for MMR retention, though they’re higher than June levels in 2022 and 2023. The typical every day sales conversion rate rose to 57.8%, a rise of over one percentage point against last month and better than normally seen at the moment of 12 months. For comparison, the every day sales conversion rate averaged 53.1% in June during the last three years.

Prices Rise In Most Vehicle Market Segments

Just about all major market segments were higher for seasonally adjusted prices 12 months over 12 months in June, except compact cars. In comparison with June 2024, the luxurious segment rose essentially the most for the fifth month in a row, increasing by 8.8%, with SUVs coming in second and better by 6% during the last 12 months. 

Underperforming the industry, mid-size sedans and trucks increased 2.8%, and compact cars showed the worst performance, down 0.1% against last 12 months. All segments were higher than the previous month, with the luxurious segment rising by 1.2% and the truck segment increasing by 1.1%. Compact cars and SUVs were each higher by 1%, while mid-size sedans rose 0.8% within the period.

the market by powertrain, electric vehicle (EV) values are showing significant gains in comparison with last 12 months, partly because of the depressed values seen throughout the comparison period. Wholesale EV values experienced steep declines within the second half of 2023 and the primary half of 2024, reaching their lowest point since Q3 2021 in June 2024. Since then, EV values have rebounded, with year-over-year appreciation trends outpacing those of non-EVs for the past three months. In June, EV values were up 12.1% 12 months over 12 months, while non-EVs rose by 5.6%. Month over month, EV values increased by 1.5%, barely ahead of the 1.4% gain for non-EVs.

Retail Used-vehicle Sales Were Down in June

Assessing retail vehicle sales based on observed changes in units tracked by vAuto, initial estimates of retail used-vehicle sales in June were down 1.5% in comparison with May but up 12 months over 12 months by 2%. A used vehicle’s average retail listing price increased 0.3% during the last 4 weeks.  

Using estimates of retail used days’ supply based on vAuto data, an initial assessment indicates June ended at 45 days’ supply, unchanged from 45 days at the tip of May but down someday from June 2024 at 46 days.

Recent-vehicle sales in June declined 4.2% from last 12 months, and volume was down sharply month over month, falling 14.2% from an elevated level in May, a month that had continued to be influenced by the tariff enactment. The June sales pace, or seasonally adjusted annual rate (SAAR), got here in at 15.3 million, up 0.3 million from last 12 months’s pace and lower than the 15.6 million level in May.

Combined sales into large rental, business, and government fleets declined 3.8% 12 months over 12 months in June, as a smaller increase in rental fleet sales was offset by continued weakness in government and business. Including an estimate for fleet deliveries into dealer and manufacturer channels, the remaining latest retail sales were estimated to be down 3% from last 12 months, resulting in an estimated retail SAAR of 12.9 million, down from 13.4 million in May but up from 12.2 million last June. Fleet share was estimated to be 17.6%, down from last 12 months’s 18.6% share.

Rental Risk Price and Mileage Results Were Mixed Against Last June

The typical price for rental risk units sold at auction in June increased 7.6% 12 months over 12 months. Moreover, rental risk prices fell by 1.7% in comparison with May, falling barely greater than the wholesale market. Average mileage for rental risk units in June (at 47,900 miles) fell 3.1% for the month against last 12 months’s level and was also lower against May’s levels, falling by 3.3% over the month.

Measures of Consumer Confidence Move in Different Directions in June

• The Conference Board Consumer Confidence Index decreased 5.5% in June, erasing a number of the gain from May and far worse than the expected increase. Consumers’ views of the current and the long run each declined, however the views of the long run declined essentially the most. Consumer confidence was down 4.9% 12 months over 12 months. Plans to buy a vehicle in the following six months remained at the very best level since December and were barely higher 12 months over 12 months. 
• The sentiment index from the University of Michigan jumped 16.3% in June to 60.7 after remaining unchanged in May. This increase was higher than expected and marked a rise from the sooner reading initially of the month. The index was down 11% 12 months over 12 months. The underlying views of current conditions and future expectations improved, with future expectations improving essentially the most. Expectations for inflation in a single 12 months decreased to five% from 6.6%, and expectations for inflation in five years decreased to 4% from 4.2%. Consumers’ views of shopping for conditions for vehicles improved, but views of costs and rates of interest each deteriorated. 
• Morning Seek the advice of’s every day consumer sentiment index decreased 1.1% in June, reversing a few of May’s increase and leaving the index up 5.8% 12 months over 12 months. 
• In line with AAA, the national average price for unleaded gas increased 4 cents in June from the tip of May to $3.18 per gallon, down 9% 12 months over 12 months but up 3.8% 12 months so far.