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Tom Kontos
Executive VP & Chief Economist
ADESA Analytical Services
Wholesale prices were down in February from January, which was a bit unusual given typical seasonal patterns; they were up modestly YOY despite continued supply growth, weaker demand, and severe weather conditions. Unusual pattern indicates dealers were being fairly aggressive in bidding in-lane and online to fill demand in budding Spring market. Highly certifiable off-rental program vehicles from automakers were particularly popular.
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Wholesale Prices Down 1.4% from January but up 0.9% over February 2013:
Compact cars and vans were only segments that had both monthly and YOY gains.
Demand for Certified Upped Manufacturer Prices – 1.3% MOM and 6.3% YOY:
Fleet/lease down 0.5% MOM and up 1.1% YOY, consignors down 1.1% from January and up 0.9% YOY.
Retail Used Vehicle Sale Down 15.6% from January Due to Severe Weather:
CPO sales were up 7.7% from January and 14.1% from prior year.