Cox Automotive is reporting that, while wholesale vehicle values show signs of stabilisation throughout mid-2022, the pandemic has accelerated the online marketplace to the point where a new benchmark for used vehicle values may have been reached that might never dip to pre-pandemic levels.
The loss of around 1.4 million new vehicles which will never reach the used vehicle parc, and a record 16.8% month-on-month increase in average value at Manheim, contribute to a hugely-altered market.
According to Cox’s Philip Nothard, there is not a huge stock of cars waiting to be sold and the lost cars from the overall parc itself will have a bearing on the sector for years to come.