As used retail sales have started to recover, both retail and wholesale supply are coming down.
Retail supply peaked in early April and was down below normal as of May 15. Wholesale supply has also come down dramatically but remained about twice the normal level as of May 15.
Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 5.74% comparing the first 15 days of May to the month of April. This brought the mid-month Manheim Used Vehicle Value Index to 133.0, a 4.8% decrease from May 2019.
Read the article at Manheim.