On the Dash:
- Wholesale values are outperforming seasonal norms, with MUVVI at 213.4 and prices up 0.5% month-over-month and 5.3% year-over-year.
- Dealer demand remains strong, with sales conversion at 70.2% and MMR retention at 100.9%, both above long-term averages.
- EV and overall segment pricing gains, combined with tightening supply to 25 days, signal continued upward pressure on wholesale values.
The Manheim Used Vehicle Value Index (MUVVI) rose to 213.4 in the first 15 days of March, signaling continued strength in wholesale used-vehicle pricing and dealer demand, according to Cox Automotive.
The index increased 0.5% from February and was up 5.3% compared to March 2025, reflecting price gains adjusted for mix, mileage, and seasonality. Non-adjusted wholesale vehicle prices climbed 3.3% from February and rose 4.8% year over year. The long-term average monthly movement for non-adjusted values is typically a 3.4% increase for the full month of March.
Market conditions remain supported by strong consumer demand. Tax refunds are averaging nearly 11% higher than last year, while only about 35% of refunds have been distributed so far, suggesting continued support for consumer spending in the coming weeks. Retail data also shows five consecutive weeks of rising sales in both new and used markets.
At the wholesale level, dealer activity remains elevated. Prices for the Three-Year-Old Index increased 1.6% in the first half of March, outperforming both last year and long-term averages. MMR retention averaged 100.9%, up 0.4 points year over year and 0.6 points from February. Sales conversion reached 70.2%, increasing 5.5 points from a year ago and 7.1 points from the prior month, indicating strong demand at Manheim auctions.
Price strength was broad-based across segments. Overall market prices rose 5.3% year over year, with gains recorded across all major categories. The luxury segment continued to show notable strength.
Electric vehicles outpaced the broader market in recent weeks. The EV Index increased 6.7% year over year and 2.5% from February, while the Non-EV Index rose 5.0% year over year and 0.8% month over month.
Wholesale supply remains relatively tight. At the end of February, supply stood at 27 days, higher than year-earlier levels and unchanged from January. As of March 15, the days’ supply declined to 25 days.
Despite broader economic uncertainty, including concerns tied to rising oil prices and global conflict, current data shows no signs of a slowdown in the used-vehicle market. Strong pricing, sustained dealer demand, and continued consumer spending are supporting market performance early in the spring selling season.
