An uptick in retail used-vehicle sales helped stabilize used-vehicle prices in November, data released today by the nation's two largest auction companies show.
The Manheim Used Vehicle Value Index stood at 117.4 in November, unchanged from October and up from 98.3 in November 2008.
ADESA Analytical Services' compilations put the average used-vehicle price in November at $9,519, 0.6 percent more than the October average price and 9.3 percent more than the year-earlier average price.
Used-vehicle prices had increased most of this year because of a relative shortage of quality used vehicles before dipping early this autumn.
Franchised dealers sold 924,139 used vehicles in November, up from 590,926 in October, CNW Marketing Research data shows. Independent used-car dealers sold 770,157 used vehicles in November, up from 671,829 in October.
Art Spinella, president of CNW, says dealerships in November got some relief from the shortage of used-vehicle inventory.
“New-car dealers did well in October and there were a lot of trades-ins,” Spinella says. “Those trade-ins hit the market in November.”
Still, industrywide used-vehicle sales trail last year's numbers, Spinella says.
Used-vehicle sales, including private-party transactions, totaled 2,472,622 in November, down 1.4 percent from November 2008, CNW data show. Sales from January through November totaled 32,737,371, down 3.3 percent from the same period last year.