According to ADESA Analytical Services’ monthly look at wholesale prices by vehicle model class, prices in October averaged $9,742.

The figure represented a 2.0-percent uptick compared to September, but a modest 1.4-percent softening relative to last October.

ADESA found prices for trucks were up more than those for crossovers and cars “as they have already taken a hit from higher gas prices over the past few years,” according to ADESA economist Tom Kontos.

The OPENLANE U.S. Market Index, which is based on data from the ADESA OPENLANE online marketplace, also rose by 2.0 percent month-over-month.

“Average wholesale used vehicle prices reversed the general softening they have shown since spring and rose significantly for the month,” Kontos said. “Though they remain down year-over-year, this was less so than in previous months. 

“When looked at on a weekly basis during the month of October, prices were actually declining during the first half of the month, but more than made up for lost ground during the second half of the month,” he continued. “This indicates that dealers may have been responding to auction closings and anticipating supply shortages resulting from Superstorm Sandy. They therefore may have been searching and bidding more aggressively in-lane and online for vehicles as the storm approached and hit the east coast at the end of the month. 

“This strong dealer demand was evident despite weakening retail used-vehicle sales (though still stronger than last year) as stores closed and consumers braced themselves for the storm’s impact,” Kontos went on to say.

In reality, Kontos contends, the loss of used-vehicle supply from units already in operation in the affected areas is much greater than any loss of vehicles contained on dealer lots and auctions. 

“As a result, replacement demand for new and used vehicles is likely to go up for a period of time, particularly in the Northeast corridor and especially in New Jersey,” Kontos said. “This will tend to support wholesale used-vehicle values at a time when prices were anticipated to soften seasonally and cyclically between now and year-end. 

“Nevertheless, these impacts should be limited in terms of severity, geography and timeframe in part because of the efficiency of the vehicle remarketing process itself,” he added.

Turning back to October data, ADESA discovered prices for used vehicles remarketed by manufacturers fell by 0.2 percent month-over-month but were up 2.2 percent year-over-year. Kontos said the trend was “indicating good absorption of off-rental program vehicles.”

The auction company also found fleet/lease consignors experienced a 2.6-percent price decrease in October, leaving prices down 0.7 percent year-over-year.

Furthermore, analysts noticed dealer consignors saw a 0.5-percent average price increase versus September, resulting in prices being down 0.9 percent versus last October.

Below is a table from ADESA summarizing pricing trends: