Wholesale prices peak

Wholesale used-vehicle prices climbed to their highest level since the summer of 2023 in March, lifting values across dealer lots and auction lanes. (coxautoinc.com) Cox Automotive said its Manheim Used Vehicle Value Index rose to 215.3 in March, up 6.2% from a year earlier and 1.4% from February. The National Independent Automobile Dealers Association highlighted the move this week in a dashboard update for dealers. (coxautoinc.com) (niada.com) Manheim said used retail sales in the first quarter ran about 2% above year-earlier levels, helped by higher-than-average tax refunds and limited supply. NIADA said asking prices for the most common three-year-old used vehicles were also about 2% above normal seasonal patterns. (coxautoinc.com) (niada.com) Wholesale prices are what dealers pay one another and pay at auction before a car reaches a retail lot. When those auction values rise, dealers can defend the book values on cars they already own, but replacing that inventory gets more expensive. (niada.com) (ally.com) That feeds directly into floorplan lending, the revolving credit lines many dealers use to finance inventory purchases. Higher auction prices can support collateral values for lenders while also increasing the amount dealers need to borrow to restock. (ally.com) (acvauctions.com) Cox said the March jump was well above long-term norms and left wholesale values 2.3% higher than at the start of 2026. CNBC reported the gain came as demand stayed firm even after several years of elevated vehicle prices. (coxautoinc.com) (cnbc.com) The spring surge may already be cooling. Cox’s mid-April update showed the Manheim index at 213.0 for the first 15 days of April, down 1.1% from March but still 2.3% above April 2025. (coxautoinc.com) For dealers, that leaves a familiar balance: stronger marks on cars in stock, tighter margins on the next purchase, and little sign that used-vehicle pricing has fully relaxed. (niada.com) (coxautoinc.com)