Wholesale used vehicle prices fell -1.1% MoM (not-seasonally adjusted) and were up 4.4% YoY in the first two weeks of May.

• The non-adjusted price change in the first half of April was a decline of -1.1% MoM while the annual increase was 4.3% YoY.
• The average move for the full month of May is a decline of -0.3 percentage points on non-adjusted values, indicating that the depreciation observed so far in May is stronger than usual, following very strong appreciation trends in April.
• Over the last two weeks, the Manheim Market Report (MMR) prices in the Three-Year-Old Index decreased by an aggregate of -0.6% MoM, actually showing less depreciation than normal and not falling as much as the overall index.
• Over the first 15 days of May, MMR Retention, the average difference in price relative to the current MMR, averaged 99.1%, indicating that market prices have moved slightly lower than valuation models early in May.
• Most major market segments saw positive results for seasonally adjusted prices year over year in the first half of May.
• Compared to the industry’s year-over-year increase of 4.4%, the luxury segment performed best, rising by 6.6%, and SUVs were higher by 5.5%. Rising less than the industry, mid-size cars were higher by 2.3%, and trucks were up 0.5%. The compact car segment was the only group to decline in the month, falling 1.2% against last year.
• All segments were lower compared with the results at the end of April. The overall industry decreased 1.1% against the prior month, and mid-size cars performed better, only down 0.5%, while luxury was down 0.7% and SUVs fell by 1.0%. The truck segment fell more than the industry, declining 1.7% against April, while compact cars were down 1.9%.