Wholesale used-vehicle prices fell -0.4% MoM on a seasonally adjusted basis in the first half of August, bringing the Manheim Used Vehicle Value Index to 206.5, though values remained up 1.2% YoY, reflecting a tougher comparison to last year’s strong gains.

• On a non-adjusted basis, prices were up 0.6% MoM and 1.3% YoY, indicating stronger-than-normal appreciation for this point in the month.

• MMR retention averaged 99.8%, up 0.6 pts from late July, showing market prices moving closer to valuation models; the sales conversion rate rose to 61.8%, over 5 pts higher than late July.

• Segment results were mixed YoY: luxury prices rose 1.8% YoY, SUVs +0.9%, while trucks fell -0.6%, mid-size cars -2.0%, and compact cars -3.8%.

• Compared with July, EV prices increased 0.5% MoM (vs +0.3% for non-EVs) and were up 4.2% YoY, supported by strong demand ahead of expiring tax incentives.