Wholesale used vehicle prices were down -0.2% YoY in the first half of February. The non-adjusted price index was up 1.0% MoM and 0.4% YoY.

• The average move for the month of February is an increase of nearly a full percentage point on non-adjusted values, indicating the appreciation observed thus far is lower than normal and the reason for the negative seasonal adjustment.
• The Three-Year-Old Index increased 0.1% MoM, which is weaker than increases we have seen over the same weeks in recent years.