Auction sales hit four-year high

AutoExec Summary
Manheim has set new records for auction activity, with a 65% increase in sales volume in July. Cox Automotive Australia reports that dealer used vehicle inventory is at its highest point to date, contributing to softening used vehicle prices in dealerships. The retail Price Index has returned to 2021 levels. Second-hand EV supply has risen 75% YoY but still represents less than 1.0% of the market by sales. The increase in inventory shows that new supply of second-hand cars is outpacing consumer demand. The Cox price index on 2-4 year-old hatchbacks and sedans is 131.9 whereas the index for the same sorts of vehicles aged 8-10 is 164.3.

Brands mentioned: Ford, Toyota, Hyundai, LeasePlan, SG Fleet