CARMEL, Ind. -

KAR Global chief economist Tom Kontos acknowledged during a recent Auto Remarketing Podcast that he and his analytical teammates are extra careful nowadays to make sure they’re seeing the latest wholesale value numbers correctly.

The latest information shared through the Kontos Kommentary reinforced why company experts are making those concerted efforts.

According to KAR Global Analytical Services’ monthly analysis of wholesale used vehicle prices by vehicle model class, wholesale prices in October averaged $16,318. That’s up 5.0% compared to September and 30.4% higher than October of last year. Kontos pointed out that the average also is 46.5% above the reading seen in October 2019 before COVID-19 arrived.

“Wholesale prices rose to a new monthly record above $16,000 in October and have continued to exceed that threshold well into November.  The average price of a vehicle sold at physical auctions is now more than $5,000 higher than this same time in pre-pandemic 2019,” Kontos said in his newest analysis released on Tuesday.

“In addition to tight used-vehicle supply and lack of new vehicle inventory due to the chip shortage, wholesale used vehicle values have benefitted from strong demand from rental companies that lack availability of new vehicles to place into fleet service,” he added in the analysis that’s also available via online video.

Meanwhile, what might be the most appealing vehicles in the lanes — midsize cars and midsize SUV/CUVs that are 3 years old with less than 45,000 miles on the odometer — are soaring on the KAR price charts.

When holding constant for sale type, model-year-age, mileage, and model class segment — using criteria that characterize off-lease units — Kontos said prices for these particular vehicles rose dramatically in October.

Values for those specific midsize cars spiked to $19,900 in October when they stood at $12,803 during the same month last year and at $11,698 in October 2019. That’s increases of 55.4% and 70.1%, respectively, according to KAR.

And Kontos noted prices for those particular midsize SUV/CUVs jumped to $30,871 in October. That’s up 42.0% from last October when they were $21,746 and up 54.0% from October 2019 when they sat at $20,047.