CARY, N.C. -

Though still up considerably from year-ago levels, wholesale vehicle prices in the first half of August were down slightly from the full month of July.

That’s according to the mid-month reading of the Manheim Used Vehicle Value Index.

Through 15 days of the month, the index was at 193.7. That’s up 18.3% from the midpoint of August 2020, parent company Cox Automotive said in its analysis of the index.

Wholesale prices in the first half of the month dropped 0.8% from the full month of July.

Breaking it down by segment, compact cars were up 13.6% year-over-year, midsize cars climbed 15.7% and luxury cars were up 15.0%.  Meantime, pickup prices were up 14.4%, SUV/CUV prices jumped 18.8% and vans had the most significant growth at 25.3%.

Looking at Manheim Market Report prices, the Three-Year-Old MMR Index was up 0.4% in the first two weeks of the month.

“Over the first 15 days of August, MMR Retention, which is the average difference in price relative to current MMR, averaged 99.3%, which indicates that valuation models are moving very closely with market prices,” Cox said in the analysis.

The company also pointed out that sales conversation rate was up from July and is seasonally high.

“The latest trends in the key indicators suggest wholesale used vehicle values will likely see lower than normal depreciation in the days ahead,” Cox said.

In a similar analysis released this week, Black Book found that following the unprecedented run-up in wholesale values, prices continue to trend downward, as they dipped for the seventh week in a row.

Seven consecutive weeks also represent how long analysts have seen auction sales rates below 70%. During the week that ended Saturday, they moved up from 64% to 66%, “as sellers adjusted floors in reaction to the softening market,” according to analysts.

But Black Book detailed through its latest Market Insights that sales rates haven’t been above the 70% threshold since the close of June.

All told, overall wholesale values softened another 0.52%, according to Black Book’s newest report.