Wholesale Values Slip

By Staff Writer December 10, 2024 243

"Wholesale values gave back a little bit of the strength we saw earlier in the month but depreciated less than what we normally see in November,” said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. “The Thanksgiving holiday usually slows down the market, and it did this year, although it was very late in the month from a timing perspective. This slowdown caused a slightly sharper decline in values at month-end than usual. However, tight supply in wholesale and retail markets will support healthy dealer demand through the final month of the year.” 

In November, Manheim Market Report (MMR) values saw weekly decreases every week, with larger declines seen in the last two weeks of the month. Over the last four weeks, the Three-Year-Old Index decreased an aggregate of 0.9%, including a drop of 0.3% in each of the last two weeks of the month. Those same four weeks delivered an average decrease of 1.2% between 2014 and 2019, indicating depreciation trends were less than typical, especially earlier in the month. 

The average daily sales conversion rate fell to 55.6%, a decline of one point against last month yet much higher than we normally see at this time of year. For comparison, the daily sales conversion rate averaged 50.7% in November over the last three years. November typically shows a lower conversion rate due to the impact of the Thanksgiving holiday.

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Last modified on Monday, 16 December 2024 11:58