Wholesale used-vehicle prices were flat MoM but up 2.2% YoY in early September, with values holding stronger than typical seasonal trends and EV demand continuing to provide support.

• On a seasonally adjusted basis, the Manheim Used Vehicle Value Index edged up from 207.4 to 207.5, essentially unchanged MoM but +2.2% YoY.

• On a non-adjusted basis, prices rose 0.3% MoM and were +2.3% YoY, stronger than the average -0.3% September decline normally seen.

• The Manheim Market Report (MMR) Three-Year-Old Index fell -0.5% in the first two weeks, slightly less than the long-term average decline of -0.6%.

• MMR retention averaged 99.4%, -0.3 pts from late August but +0.1% YoY, showing prices moved a bit below valuation models.

• The average daily sales conversion rate was 60.3%, down 1 pt from late August but slightly above last year’s 59.9%.

• By segment YoY: luxury +2.1%, SUVs +0.9%, trucks +0.5%, mid-size cars +0.3%, compact cars -4.6%.

• EV prices rose +5.5% YoY vs +1.4% for non-EVs, highlighting continued strength ahead of expiring tax incentives; MoM, EV prices were flat while non-EVs declined -0.7%.

• Wholesale supply held steady at 25 days in mid-September, unchanged from August and -1 day YoY, indicating relatively tight inventory conditions.