Wholesale Used Vehicle Prices Up In February – Remarketing

The Manheim Used Vehicle Value Index (MUVVI) rose to 212.3, reflecting a 4% increase for wholesale used-vehicle prices (adjusted for mix, mileage, and seasonality) in comparison with February 2025, in accordance with Cox Automotive figures released March 6. 

The February index is up 0.8% month over month. The long-term average monthly move for February is a decrease of 0.2%.

Non-adjusted wholesale vehicle prices at the moment are up 4.2% 12 months over 12 months and three% from January 2026. The long-term average monthly move in non-adjusted values is a rise of 0.9% in February.

“Because the start of 2026, we’ve seen mostly solid demand at Manheim with higher sales conversion rates indicating an appetite from dealers to purchase. As we progressed through February, we saw prices rise above usual levels, especially within the back half of the month,” said Jeremy Robb, chief economist of Cox Automotive, in a March 6 news release. “Now that we’re officially in March, with warmer weather ahead across much of the U.S., we now have seen retail demand increasing in our most up-to-date data points – for each recent and used sales.”

Robb said the common tax refund is running 10% higher this 12 months, as consumer filings peak in the approaching weeks and can likely generate more traffic at dealerships in March.

Nevertheless, “recent geopolitical events introduce recent risks to the economy, and which will dampen the patron appetite within the short run, as people digest the news within the Middle East,” he added. “This might slow the rising pace we see during tax refund season, particularly as gas prices rise.” 

MMR Prices, Retention & Sales Conversion

• MMR prices for the Three-12 months-Old Index increased 3.1% in February.
• MMR retention averaged 100.3%, reflecting a 0.3-percentage-point increase each 12 months over 12 months and month over month.
• Sales conversion was 61.5% for the period, 0.4 percentage points higher than essentially the most recent three-year average for February and up 1.4 percentage points from January.

Takeaway: MMR prices for the Three-12 months-Old Index increased greater than is typical for this era. MMR retention increased barely and is seasonally strong for this time of 12 months. Meanwhile, sales conversion indicates strengthening demand, which has been consistently increasing since November and stays above usual levels for this time of 12 months.

Segment Performance: 12 months-Over-12 months Price Changes

Overall market prices were notably higher than a 12 months ago, led by the luxurious segment and non-electric vehicles, while compact cars and trucks posted the weakest gains.

Takeaway: All major vehicle segments are above year-earlier levels; nevertheless, the luxurious segment continues to outperform the general market. Continued strength on this segment has been observed throughout the past 12 months. Compact cars and trucks proceed to see relatively weak price growth in comparison with this time last 12 months.

Wholesale Supply Declines

• Wholesale supply: At the tip of February, wholesale days’ supply fell to 26.7 days, higher by 0.6 days 12 months over 12 months and lower by 0.1 days in comparison with January.
• Rental prices: Prices for rental vehicles are higher by 9.1% 12 months over 12 months, as they climbed in February, up by 6% from January. Rental values on a non-seasonally adjusted basis are 8.6% above 2025’s level and rose 7.1% in February, driven by lower average mileage, down 25.2% against last February overall.

Takeaway: Before the pandemic, the common wholesale vehicle days’ supply was 31 at the tip of February. Days’ supply in February was below historical norms but declined lower than is typical for January.