Auction Prices Rise for 15th Week

By Staff Writer August 06, 2020 492

J.D. Power reported sales of used vehicles at franchise dealers were 3 percent above the pre-virus forecast for the week ending Aug. 2.

Used retail prices continued to rise, increasing 0.4 ppts week-over-week in the week ending August 2. Prices are now 5.1 percent higher than the index baseline level from March 1.

J.D. Power also reported wholesale auction sales were 98,000 units in the same week, which were 2 percent lower than the pre-virus forecast.

Wholesale auction prices improved for the 15th straight week through Aug. 2. Overall, prices have grown 34 percent over the past 15 weeks.

However, the rate of price growth has slowed over the past three weeks, which indicates a slowing market, according to J.D. Power.

New-car front-end vehicle grosses decreased $41 week-over-week to $973 for the week ending Aug. 2, but $689 higher than the same week last year.

Retail sales unchanged from the prior week, with new-car prices averaging $35,677, the second highest weekly result ever. The number is $22 shy of the record set April 5.

Incentive spending per unit for the week ending Aug. 2 was $4,221, virtually flat from the prior week.

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Last modified on Friday, 07 August 2020 13:44

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