The Manheim Used Vehicle Value Index (MUVVI) rose +1.3% MoM in November on a seasonally adjusted basis, lifting the index to 205.4, while YoY levels were essentially flat. The November rise was atypical compared with the long-term trend of a -0.6% decline.

• On a non adjusted basis, wholesale prices fell -0.3% MoM and were flat YoY, giving back part of the strength seen earlier in 2025 but still performing slightly better than the typical -0.4% November decline.

• MMR prices for the Three-Year-Old Index declined -1.9% in November, a slightly larger drop than the usual -1.7%, though the pace of decline moderated as the month progressed.

• MMR retention averaged 98.9%, down -0.1 ppts MoM and -50 bps YoY, remaining broadly consistent with seasonal expectations.

• Sales conversion rose to 57.2%, up +2.9 ppts MoM and +5.2 ppts above the recent three year average, indicating firmer dealer demand later in the month.

• EV wholesale values increased +2.3% MoM and +6.1% YoY, while non EV prices rose +1.3% MoM but slipped -0.1% YoY, reflecting stronger pricing momentum in the EV segment following tax credit expiration.

• Segment performance was mixed YoY: luxury vehicles outperformed with increases, while compact and midsize cars saw the largest YoY declines, leaving overall market prices unchanged YoY.

• Wholesale supply rose to 30.1 days (+2.2 days MoM; +1.3 days YoY), in line with typical seasonal increases, while rental prices fell -4.3% MoM and -3.3% YoY, with average rental mileage down -9.1% YoY.