Wholesale prices of used vehicles are at their lowest level in more than a year

Customer RelationsHigh Tech / High TouchSalesMoney MattersInflationLeases & Loans
Written By Jennifer Joslyn
Simpsons character working a used car lot, saying "wait, wait, wait, wait! Don't go! No, not today."

Season 9 Episode 25 GIF By The Simpsons via GIPHY

The Manheim Used Vehicle Value Index is a method of tracking prices of used vehicles sold at its U.S. wholesale auctions. the latest metric shows prices have fallen approximately 16% from the record-high levels in January. Additionally, retail sales are on the decline as well amid interest rate hikes and consumer recessionary concerns.

Potential car buyers may be smiling at the news, but resellers such as Carvana are suffering. These companies that purchased vehicles at their highest selling point are now struggling to sell them off for a profit. These declines are now entering their sixth consecutive month.

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Jennifer Joslyn
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