By Auto Remarketing Staff
Wholesale prices are softening, but KAR Global’s September data show they still have a way to go before returning the level auctions and dealers saw a year ago — or even before the pandemic arrived.
According to KAR Global Analytical Services’ monthly analysis of wholesale used-vehicle prices by vehicle model class, wholesale prices in September averaged $12,928, which is down 4.2% compared to August.
However, that average remains 14.0% higher compared to pre-COVID/February and 15.9% relative to September of last year.
“Average wholesale used vehicle prices softened from their August peaks in September and into October as retail sales slowed and dealer inventories grew,” KAR Global chief economist Tom Kontos said in his latest installment of the Kontos Kommentary that contained the data.
“Prices remain up by double-digits on a year-over-year basis and versus pre-COVID,” he added.
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