Average Wholesale Prices Jump in February

By Staff Writer March 26, 2024 689

Spring appears to have sprung in the wholesale market, as average prices jumped another 4% month-over-month in February and have continued to rise significantly in March, according to ADESA Chief Economist Tom Kontos and his monthly Kontos Kommentary.

Retail used vehicle and CPO sales also showed February increases. According to ADESA US Analytical Services’ monthly analysis of auction industry used vehicle prices by vehicle model class, wholesale prices in February averaged $14,312 — up 4.0% compared to January, down 9.8% relative to February 2023, and up 31.5% versus pre-pandemic/February 2019.

All model class segments showed month-over-month increases. Average prices have continued to rise so far in March and stood at $14,536 for the week ending March 17.

Average prices for late-model vehicles have continued to rise in March and stood at $25,348 for the week ending March 17, according to Kontos. These rapid price rises are indicative of interest by consumers, and therefore dealers, in more-affordable substitutes for high-priced new vehicles.

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Last modified on Tuesday, 02 April 2024 10:48