While the holiday season can often bring Griswoldian buzz and chaos, tidings were calm in the auction lanes last month.

In analyses this week, industry observers described December’s wholesale vehicle price activity as being stable, flat and “returning to normal seasonal patterns.”

Cox Automotive’s Manheim Used Vehicle Value Index came in at 205.5, which beat year-ago figures by 0.5% and November’s index by 0.1%, when adjusting for mix, mileage and seasonality.

Non-adjusted, they were up 0.5% from December 2024 and down 0.4% month-over-month, Cox said.

Typically, the market is flat in December, as it was last month, the company said in the analysis, noting that the numbers “reflect a market that has largely stabilized.”

In an analysis around the index, Cox Automotive interim chief economist Jeremy Robb said, “Consumer spending trends showed signs of a slowdown in December, as affordability concerns caused many to pull back on the spending reins, translating to depreciation trends catching up a bit in wholesale markets over the month.

“As we moved into the holiday period, we saw seasonal patterns in used retail sales slowing down, while new retail sales increased against November trends but remained lower compared to 2024,” Robb said.

Over at Black Book, the Used Vehicle Retention Index fell 5.2% year-over-year to 140.3 but was even with November.

“After steep declines in late October and throughout November, depreciation slowed in December, returning to normal seasonal patterns and resulting in a flat index reading for the month,” Black Book vice president of data & analytics Laura Wehunt said in the analysis. “To close out 2025, many larger independent dealers were actively purchasing units, signaling optimism for the start of 2026.”