The Manheim Used Vehicle Value Index for February showed a firming wholesale market, with prices rising more than is typical for the time of year and demand indicators pointing to a robust start to the spring selling season. The index increased to 212.3, up 0.8% from January on a seasonally adjusted basis and 4% higher on a year-over-year basis, reversing the mild softness seen at various points in 2025.
On an unadjusted basis, wholesale prices advanced 4.2% year over year, outpacing the historical average February gain and underscoring solid dealer appetite for inventory ahead of spring. The data showed three‑year‑old vehicle values rising more than seasonal norms, with prices up 3.1% in February and retention averaging 100.3%, indicating that actual transaction prices were trading slightly above guidebook values. Sales conversion reached 61.5%, about 1.4 percentage points higher than January and above the recent three‑year February average, signaling that higher prices are being met with willing buyers rather than dampening throughput.
Looking ahead, Cox Automotive highlighted that recent geopolitical events introduce new risks to the economy, which could put a damper on consumer appetite in the short run. The firm warned that the development could slow the building pace being seen on the back of tax refund season, particularly as gas prices rise. However, a pickup in demand is still expected in the back half of March.
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