Year-to-date auction volume on late-model vehicles wrapped up August just a shade under 2 million units, with nearly a 22-percent sequential hike for last month alone.
According to the latest Guidelines report from J.D. Power Valuation Services, the late-model auction volume tally of 1.94 million units through August is up 6.67 percent from a year ago.
The 257,831 units of late-model auction volume last month was a 21.8-percent hike over July.
In the report, J.D. Power breaks down some of the year-to-date gains, where trucks and SUVs have led the pack. That includes the luxury compact utility segment (up 55.3 percent) and midsize pickups (up 42.7 percent).
Luxury midsize cars, meanwhile, are off 19.6 percent. There has been a 14.2-percent dip for large cars.
“In terms of volume share, used cars continue to dominate at 54 percent of the market, while truck share lags behind at 46 percent, which is a reversal of what’s occurring on the new-vehicle side of the market,” J.D. Power’s report said.
Of course, the hurricanes in recent weeks have impacted the market in September, driving down supply and bumping demand, according to an analysis from Cox Automotive.
In a note to update used-car trends mid-month, Cox Automotive chief economist Jonathan Smoke said: “As we pass mid-September, early indicators are the Manheim Used Vehicle Value Index (UVVI) will reach a fifth straight record high. Prices are on track to be up nearly 3 percent over August and 6 percent compared to September 2016.
“These are significant increases. If the pattern holds for the rest of September, we will be seeing the strongest annual price gains since 2010, when the economic recovery was beginning and used car supply was severely limited,” he said.
“All seven light-vehicle segments are seeing price gains month-to-month and year-over-year. Even lowly midsize sedans, which have been seeing price declines for 10-straight months, are seeing gains this month.”