The Manheim Used Vehicle Value Index edged up +0.1% MoM to 205.5 in December and was up +0.4% YoY, broadly in line with typical December seasonality and signaling stable wholesale pricing at year end.

• On a seasonally adjusted basis, wholesale used-vehicle prices rose +0.1% MoM in December, matching the long-term average of a flat December move and indicating limited month-to-month momentum.

• On a non-adjusted basis, wholesale prices declined -0.4% MoM but were up +0.5% YoY, underperforming the typical +0.3% December increase while still remaining slightly higher than year-ago levels.

• MMR prices for the Three-Year-Old Index fell -0.9% MoM in December, a somewhat larger decline than is typical for the period, consistent with depreciation trends catching up to longer-term norms.

• MMR retention averaged 99.6%, up +0.7 ppts MoM and +60 bps YoY, remaining seasonally normal and indicating stable pricing relative to market expectations.

• Sales conversion reached 56.8%, up +4.4 ppts MoM and +4.6 ppts above the recent three-year average, pointing to firmer dealer demand compared with typical year-end conditions.

• Year-over-year segment performance was mixed, with overall prices marginally higher than December 2024, led by strength in luxury vehicles and EVs, while compact cars, midsize cars, and pickups recorded the largest YoY declines.

• The EV index was up +2.5% YoY but slipped -0.1% MoM, while the non-EV index rose +0.1% MoM and +0.4% YoY, showing relatively stronger annual pricing for EVs despite recent moderation.

• Wholesale days’ supply increased to 31.7 days (+1.1 days MoM; -1.6 days YoY), consistent with normal year-end seasonal patterns, while rental vehicle prices rose +5.2% MoM and +2.7% YoY, supported by lower average mileage (-~15% YoY).