Wholesale-price decline establishes new record in KAR Global data set
By Auto Remarketing Staff
CARMEL, Ind. – The data series used by KAR Global Analytical Services goes back to 1994 — another time when Major League Baseball wasn’t being played, but for a far different reason than the current coronavirus pandemic.
When KAR Global chief economist Tom Kontos and his team finalized their wholesale price information for March and April, they found a decline never spotted previously in 26 years dating back to when labor disputes resulted in canceling of the World Series.
After a strong start to 2020 during January and February, Kontos explained the COVID-19 crisis wiped out virtually all gains in wholesale prices. In his latest Kontos Kommentary released just before Memorial Day weekend, Kontos indicated March and April average prices fell by a cumulative 15.1% after peaking in February.
And he pointed out April’s 16.3% year-over-year drop is the largest ever recorded by KAR Global’s team.
According to KAR Global Analytical Services’ monthly analysis of wholesale used vehicle prices by vehicle model class, wholesale prices in March averaged $10,827 — down 4.5% compared to February and 2.4% relative to March of last year.
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