The Retention Index continues to decline in August, finishing the month at 184.0 points as consumer demand for used vehicles weakened.
The Estimated Average Weekly Sales Rate continued its descent, hitting 58% last week. The Estimated Average Weekly Sales Rate hasn’t been below 60% since February of 2021.
The market saw continued declines last week, with the overall rate of depreciation being consistent with what we have experienced over the last five weeks.
The Estimated Average Weekly Sales Rate dropped to 60% last week.
Lower consumer demand has impacted buyer behavior at auctions around the country, but this past week, sellers began to hold firm on floors and the sales rate reflected this change in behavior.
The Estimated Average Weekly Sales Rate remains at 65%.
On a volume-weighted basis, the overall Car segment decreased -0.92%. For reference, the previous week, cars decreased by -0.91%.
The Retention Index decreased to 189.4 points in July as consumer confidence remained at historic lows.
Used Retail Prices are more accessible than in years past, due to the proliferation of ‘no-haggle pricing’ for used-vehicle retailing.
Whether it is as a result of current inflationary pressures causing a pullback from consumers, or is more evidence of a return to traditional seasonal valuation patterns, prices have dropped for most segments as we reach the mid-point of summer.
