Leveraging Manheim sales and inventory data, wholesale supply is estimated to have ended August at 27 days, higher than how August 2021 ended at 21 days but lower than how July ended at 31 days.Īugust’s total new-light-vehicle sales were up 3.2% year over year, with one more selling day than August 2021. Using estimates of used retail days’ supply based on vAuto data, August ended at 47 days of supply, down from 53 days at the end of July but higher than how August ended in 2021 at 38 days. Compared to August 2019, sales were down 19%, which was an improvement from July, when sales were down 29%, based on the same-store results. Leveraging a same-store set of dealerships selected to represent the country from Dealertrack, we estimate that used retail sales increased 11% in August from July and that used retail sales were down 9% year over year. SUVs were down 4.3%, and vans were down 2.9%. Sports cars lost nearly 5%, while compact and midsize cars declined 3.5% and 3.0%, respectively. Compared to July, all eight major segments’ performance was down. Compact cars had the largest increase at 15.9%, followed by vans and midsize cars, which all had seasonally adjusted year-over-year gains ahead of the overall industry. The lower conversion rate indicated that the month saw buyers with more bargaining power for the time of year.Īll major market segments saw seasonally adjusted prices that were higher year over year in August, except for full-size cars. For example, the sales conversion rate averaged 56.4% in August 2019. The average daily sales conversion rate increased to 50.5%, which was below normal for the time of year. Over the month of August, daily MMR Retention, which is the average difference in price relative to current MMR, averaged 98.3%, meaning market prices were below MMR values. Over the last four weeks, the Three-Year-Old Index decreased a net 2.5%. In August, Manheim Market Report (MMR) values saw larger-than-normal declines that were consistent over the month.
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