Wholesale used-vehicle prices in the United States rose in March, reaching their highest level in nearly three years as demand remained strong and inventory tight, according to Cox Automotive.
The Manheim Used Vehicle Value Index climbed to 215.3, up 6.2 per cent year-over-year and 1.4 per cent from February. The monthly increase was well above typical seasonal patterns, reflecting continued strength in the wholesale market as the spring selling season began.
Prices are also up 2.3 per cent since the start of 2026, pointing to sustained upward momentum through the first quarter and reinforcing expectations of a competitive market environment for dealers sourcing inventory.
Cox Automotive said demand remains healthy, with dealers competing for limited supply at auction. Sales conversion rates were higher than 2025 levels for nearly every week in the first quarter, signalling consistent buyer activity and strong retail pull-through.
“As soon as this year began, prices at Manheim started moving higher as dealers anticipated strong demand from higher tax refunds to consumers,” said Jeremy Robb, Chief economist at Cox Automotive, in a statement.
He added: “The data is clear: used-vehicle demand is healthy and inventory levels are relatively tight.”
Robb also noted that “the seasonal spring bounce has been stronger than normal,” underscoring how pricing trends are running ahead of typical patterns and last year’s performance.
Tight inventory continues to underpin pricing, with limited supply flowing through wholesale channels and supporting elevated values across vehicle categories.
The Manheim index, a key benchmark for U.S. wholesale pricing, is widely used by dealers to anticipate shifts in retail pricing and margin conditions.
