The Manheim Used Vehicle Value Index fell for the fourth month in a row in September, but Tom Webb, Manheim chief economist, has reiterated that he doesn’t believe that record used-vehicle prices represent a bubble. He went on to explain that a bubble can’t truly develop in the wholesale market because there isn’t any speculation or hoarding, and neither are there any future contracts. “What we have seen since May is a clearing out of some excesses or as I would call it a swing of pendulum back to equilibrium, not a bubble bursting,” he added.
