Manheim (largest U.S. used vehicle auction company) released their monthly used vehicle wholesale price index this morning, which came in at 112.9. This marks a 1.1% decline from the previous month (the biggest sequential decline since July 2005) and a mere 0.7% year-over-year improvement from the prior year period. We note, the last time the index posted less than a 1% year-over-year improvement was November 2004. While the market still seems supply constrained (fewer lease vehicles, rental car seemingly slower to push their vehicles back into auction, and dealers potentially relying less on auctions and more on trade-ins to source their vehicles,) demand appears to be ebbing. The company’s web s ...