Wholesale used-vehicle prices rose 1.6% MoM in June, slightly below the mid-month estimate of 1.7% MoM, with the Manheim Used Vehicle Value Index reaching 208.5, up 6.3% YoY (vs 6.5% YoY mid-month estimate).

• Non-adjusted prices declined -1.1% MoM but remained up 5.1% YoY, showing stronger-than-usual depreciation for June.
• EV values jumped 12.1% YoY and 1.5% MoM, continuing to outpace non-EVs, which rose 5.6% YoY and 1.4% MoM.
• Compact cars were the only segment to decline YoY (-0.1%), while luxury vehicles led gains at +8.8% YoY and +1.2% MoM.
• The average daily sales conversion rate rose to 57.8%, up over 1 ppt MoM and well above the 3-year June average of 53.1%.

• MMR values fell each week of June, with the 3-year-old index down -1.3% over the month, driven by volatility from Q2 tariff impacts.
• Mannheim: “Wholesale appreciation trends have been more volatile over Q2 as tariffs really impacted new sales and supply, which impacted the used marketplace as well. The Manheim index has generally been rising since last June, and we typically see the strongest changes for the year in the second quarter as the ‘spring bounce’ comes to an end. As we move through the second half of 2025, it’s likely that some of the reported strength in the market tapers, as the year-over-year comparisons are tougher in the back half of the year. Even so, retail sales continue to run a bit hotter than prior years, and off-lease supply into the market is still on a downward path, two factors which should be fairly supportive of higher values as we move onward.”