Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 4.65% month-over-month in May, according to Manheim. This brought the Manheim Used Vehicle Value Index to 203.0—a 48.2% increase from a year ago and a record high for the Index.

On a year-over-year basis, all major market segments saw seasonally adjusted price increases in May. Pickup trucks outperformed the overall market (70%), while most other major segments underperformed the overall market.

According to Cox Automotive estimates, total used vehicle sales were up 3% year-over-year in May. Manheim estimates the May used SAAR to be 41.0 million, up from 39.9 million last May and flat compared to April. The May used retail SAAR estimate is 22.4 million, up from 21.1 million last year and flat month-over-month from April.