by Wolf Richter
Wolf Street
After spiking for months, used-vehicle wholesale prices turned south in late August, wholesale volume plunged again.
Used vehicle wholesale prices jumped 3.6% in August from July, and 15.8% from August last year, capping one heck of a magnificent price spike, based on Manheim’s mix-, mileage-, and seasonally adjusted Used Vehicle Value Index:
[…] But in late August, prices started backtracking, according to Manheim, the largest auto auction house in the US and a unit of Cox Automotive. For example, after having increased at a “decelerating pace” in the first four weeks of August (+1.6%), the Three-Year-Old Index fell 0.1% in the last full week of August, “ending the streak of 16 weeks of price appreciation.”