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The seasonally adjusted Retention Index moved up by 0.6% – the lowest rate of increase since July – reaching 197.0 points during the first month of 2022.
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Used Retail Prices are more accessible than in years past, due to the proliferation of ‘no-haggle pricing’ for used-vehicle retailing.
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Weekly declines continued last week, but the rate of decline is still less than is typically experienced this time of year. Sellers are holding firm to floors, and we have yet to see conversion rates return to pre-holiday levels.
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The declines are continuing to close out the second week of 2022 with majority of segments reporting drops in valuations.
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RM Sotheby’s had a great year, reporting auction sales of $406 million and private party sales of $150 million, for a grand total of over $550 million.
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The year is starting off with declines in many segments, but it remains to be seen if we reached the peak of increases before the holidays or if we will return to increasing values as the market prepares for spring.
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Cox Automotive's Manheim Used Vehicle Value Index rose 1.6% in December compared with November.
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The seasonally adjusted Retention Index increased to 195.7 points.
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2021 was a wild ride, but according to Black Book, the final two weeks of the year reported minimal declines in values after a year of record-breaking increases.
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Winter and Christmas sales events make for a busy end of year for dealers, but the last two weeks of the year are traditionally slow for the auctions and that held true this year.
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