In December, General Motors delayed auctioning some retired rental-fleet vehicles because of depressed prices.
In the first quarter, a substantial number of off-rental program vehicles failed to sell at auction because bids fell below the sellers' minimum price.
ADESA Chief Economist Tom Kontos is warning against "a false sense of confidence in the strength of wholesale values."
Such ripples are inevitable as post-recession shortages of late-model used vehicles fade. Returning new-vehicle buyers no longer have abnormally high trade-in values to help financing.
Up and down the sales chain, it's a reminder to marketers and dealers to keep adjusting expectations.