Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 1.6% from October in the first 15 days of November. The mid-month Manheim Used Vehicle Value Index increased to 206.1 and is now showing a gain of 0.5% from the full month of November 2023.

The seasonal adjustment amplified the results for the month, as the seasonal factor moved much closer to the long-term average for the month of November. The non-adjusted price change in the first half of November rose 0.2% compared to October, and the unadjusted price was down only 0.6% year over year.

Typically, the average move for the month of November is a decrease of four-tenths of a point for seasonally adjusted values, highlighting that this mid-month change shows much less depreciation than usual.

“Supply for both wholesale and retail used-vehicle markets has continued to decline over the last month,” said Jeremy Robb, senior director of Economic and Insights at Cox Automotive. “With sales conversion moving higher for six weeks in a row, it’s not surprising to see strength in wholesale prices in early November. Typically, November shows relatively small declines in values month to month; but so far, we’ve seen prices increase for both seasonally adjusted values as well as non-seasonally adjusted prices. Retail used-vehicle sales have increased for five consecutive weeks as well, and that should keep dealer demand for wholesale units elevated in coming weeks.”

Black Book’s Market Update shows the market continues to follow typical seasonal depreciation patterns, with an overall decline of -0.51%, aligning closely with the pre-pandemic average depreciation rate of -0.53%. Last week, while auction inventory increased, conversion rates decreased to an average of 57%, compared to the consistent 58% seen in recent weeks.

Car Segments

• On a volume-weighted basis, the overall Car segment decreased -0.61%. For reference, in the previous week, cars decreased -0.38%.
• The 0-to-2-year-old Car segments were down -0.38% and 8-to-16-year-old Cars decreased -0.96%.
• All nine Car segments experienced declines last week.
• Full-Size Car depreciation increased last week, with the segment reporting a -1.02% decline. The last instance of a decline surpassing 1% for this segment was in December of the previous year.
• The Premium Sporty Car segment continues to experience minimal declines, falling by just -0.11% last week. Over the past four weeks, it has averaged a weekly depreciation of -0.08%.
• The mainstream Sporty Car segment experienced a rise in depreciation last week, falling by -0.75%, compared to the previous week’s -0.35% decline.

 Truck / SUV Segments

• The volume-weighted, overall Truck segment decreased -0.47% compared to the decrease seen the prior week of -0.60%.
• The 0-to-2-year-old models saw an average decrease of -0.39% and the 8-to-16-year-old models experienced an average decrease of -0.68%.
• All thirteen Truck segments reported a decrease last week.
• The Full-Size Luxury Crossover segment continues to report large declines, dropping -0.97% last week. Over the past four weeks, it has averaged a weekly depreciation of -0.87%.
• Full-Size Pickup depreciation eased last week, with the segment decreasing by just -0.29%, compared to the previous week’s larger decline of -0.83%.
• After three weeks of increases, the 0 to 2-year-old Sub-Compact Luxury segment has reverted to declines, with the segment falling by -0.34% last week compared to the previous week’s -0.14% drop.

Black Book on Nov. 7 released its Used Vehicle Retention Index for Sept. 2024. The seasonally adjusted Index increased 0.5% (0.8 points) to 147.1 from September 2024 (146.3), which is 8.7% below where it was at the same time in 2023

“Activity in the auction lanes in October was strong, with conversion rates consistently in the high fifty percent range with the larger independent buyers actively engaging in the bidding and securing a fair amount of inventory,” said Laura Wehunt, vice president, data and analytics. “As for valuation trends, the overall market reported consistent declines throughout the month that were on par with traditional October depreciation rates. As we move into November, the industry is closely monitoring the presidential election outcome and the possible effects on demand for new and used vehicles.”

Ryan Clark, president of ServNet, has announced that Central Arkansas Auto Auction, located in Beebe, Arkansas, has joined the premier group of independently owned auctions, ServNet Auction Group.

“We’re so thrilled to have Central Arkansas join ServNet. Cole and his team are active and forward-thinking members of the independent auction community and will be an asset to ServNet. Furthermore, as a third-generation family business, I know they share the values we at ServNet hold. We look forward to the continued growth of their new facility as it comes online, and we’re glad they’re now part of the ServNet Family.” Central Arkansas Auto Auction remarkets roughly 550 units per week in five lanes, comprising of dealer's trades and institutional units.

Owner Cole Hooten looks forward to their new eight-lane facility opening in June 2025.

The leadership at Central Arkansas Auto Auction (CAAA) is proud of its legacy of success. “Key components that have led to the success of our auctions are the grit and integrity displayed throughout the history of our business,” said Hooten. “The leadership at CAAA has been a great example to the team of what it means to come together and help in every way, no matter title, position, or department. Our motto is Outstanding service starts with outstanding people.”

A critical component of the auction’s rhythm is their dedication to first-class service. “Our service includes pre- and post-sale inspections, details, condition reports, title processing, and transportation,” said Hooten. “We offer several avenues to remarket vehicles, including live in- lane, online, and platform selling. We offer full mechanic reconditioning, including paint and body. We have a full-detail shop that offers several levels of detail, including De-Identifying vehicles.”

With their proven dedication to success and excellence, the auction looks forward to joining a group of auctions with similar goals and aspirations. “ServNet has a long-standing reputation for quality independent auctions,” said Hooten. “We believe that unifying with other quality auctions nationwide allows us to continue to grow and be innovators, not only in our own market area but the whole industry.”

ServNet is a national auto auction network, focused on building cooperative business relationships and accelerating the value of dealer-only auctions using the most up-to-date services and technology. Since 1988, ServNet member auctions have been working together to provide the full range of remarketing services, including the best auctioneers, inspections, reconditioning, transportation assistance, and inventory financing.