Talk to a group of dealers buying cars from the auction either in the physical lane or via online offerings. One might say wholesale prices are getting more affordable, while another might contend that values are climbing.

It’s a similar scenario when comparing the wholesale indices for June released by Black Book and Cox Automotive.

Beginning with Black Book, its Used Vehicle Retention Index for June on a seasonally adjusted basis decreased 0.9% (1.3 points) to 148.1 from May’s reading of 149.4.

The June reading was 1.0% above where it was a year ago.

“Following the tariff-driven surge in consumer purchasing during April and May, the market began to stabilize in June, with wholesale values steadily declining throughout the month,” Black Book vice president of data and analytics Laura Wehunt said in a news release.

“Although the market avoided the extreme volatility seen in recent years, the declines surpassed typical seasonal depreciation rates, resulting in a drop in the Black Book Index for June. However, when looking at the Index on a year-over-year basis, the index is up 1% compared to 2024,” Wehunt continued.

Over at Cox Automotive, experts said wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were higher in June compared to May.

The Manheim Used Vehicle Value Index (MUVVI) increased to 208.5, representing a 6.3% year-over-year increase and a 1.6% rise above May levels.

Cox Automotive explained that the seasonal adjustment forced the index higher in the month, as non-seasonally adjusted values fell more than usual following the volatility induced by the tariff announcement.

Experts also pointed out the non-adjusted price in June decreased 1.1% compared to May, which now makes the unadjusted average price higher by 5.1% year-over-year.

“Wholesale appreciation trends have been more volatile over Q2 as tariffs really impacted new sales and supply, which impacted the used marketplace as well,” said Jeremy Robb, senior director of economic and industry insights at Cox Automotive. “The Manheim index has generally been rising since last June, and we typically see the strongest changes for the year in the second quarter as the ‘spring bounce’ comes to an end.

“As we move through the second half of 2025, it’s likely that some of the reported strength in the market tapers, as the year-over-year comparisons are tougher in the back half of the year,” Robb continued in a news release. “Even so, retail sales continue to run a bit hotter than prior years, and off-lease supply into the market is still on a downward path, two factors which should be fairly supportive of higher values as we move onward.”

In June, Cox Automotive noticed Manheim Market Report (MMR) values experienced price declines for each week of the month, with the largest weekly decline occurring in the final week.

In that final week, analysts pointed out MMR values fell by only 0.6%, which was higher than weekly rates earlier in the month.

Over the last four weeks, the Three-Year-Old Index decreased an aggregate of 1.3%, higher than normally seen, according to Cox Automotive tracking.

Analysts recapped those same weeks delivered an average decrease of just 0.6% between 2014 and 2019, indicating depreciation trends were elevated and influenced by the volatility from the tariffs over the last quarter.

Over the month, Cox Automotive indicated daily MMR Retention — which is the average difference in price relative to the current MMR — averaged 99.2%, meaning market prices stayed below MMR values this month, yet they were higher than May levels.

Against last year, analysts noticed those valuation models were down by 0.1 percentage points (10 basis points) for MMR retention, though they are higher than June levels seen in 2022 and 2023.

Cox Automotive mentioned the average daily sales conversion rate in June rose to 57.8%, an increase of more than 1 percentage point versus the previous month and higher than normally seen at this time of year.

For comparison, analysts said the daily sales conversion rate averaged 53.1% in June over the last three years.

Cox Automotive wrapped up its monthly look at the wholesale market by noting almost all major market segments generated higher seasonally adjusted prices year-over-year in June, with the exception of compact cars.

Compared to last June, analysts determined the luxury segment rose the most for the fifth month in a row, increasing by 8.8%, with SUVs coming in second and higher by 6% over the last year.

Underperforming the industry, mid-size sedans and trucks both increased 2.8%, and compact cars showed the worst performance, coming in down 0.1% against last year, according to Cox Automotive.

Analysts added all segments were higher compared to the previous month, with the luxury segment rising by 1.2%, while the truck segment increased by 1.1%. Compact cars and SUVs were both higher by 1%, while mid-size sedans rose 0.8% in the period.