Manheim has published its auction results for the first half of 2024, with passenger car and light commercial wholesale sales 40 percent up on the same period last year.
According to Manheim, this was driven in part by more turnover from private, government, and OEM fleets—the latter comprising ex-company cars sold via closed digital dealer auctions.
Wholesale prices continued to fall across H1, with the Manheim Price Index ending June at 134.3—down 9.1 percent in 12 months and 20 percent since the May 2022 peak.
The Index tracks average selling prices at Manheim auctions month-to-month, starting December 2019. A 134.3 index means a 34.3 percent increase since the base period.
Average selling prices peaked in May 2022 at 167.6 and have been slowly falling since.
Manheim says it has continued to see traditional passenger vehicles (sedans, hatchbacks, etc.) maintaining elevated prices relative to pre-COVID levels, compared to SUVs.
Older cars continued to hold onto higher price indexes too, with demand for lower-cost vehicles sold in the clearance lanes staying strong.
The top-selling vehicles through Manheim auction lanes over H1 were the Ford Ranger (up 30.8 percent), Toyota Camry (up 66.7 percent), Isuzu D-Max (up 68.2 percent), Toyota Corolla (up 72.3 percent), and Toyota HiLux (up 34.1 percent).
The influx of D-Maxes is a reflection of Isuzu’s steady growth in recent years, while Toyota’s improved vehicle supply pipeline means more fleets are replacing older hybrids with overdue new ones.
At the time of writing, Manheim Australia says its wholesale auction yards have 27 x RAV4 Hybrids, 24 x Corolla Hybrids, and 18 x Camry Hybrids under consignment. Most are ex-fleet stock, late model, and in good shape.
The data is also quite clear that wholesale prices at auctions for RAV4 Hybrids, for example, have cooled substantially since their most inflated period in mid-2022.
EVs accounted for a mere 0.1 percent of the auction tally YTD, but with key fleet and OEM partners moving more and more, this figure will increase as we get into 2025. Manheim is preparing for initiatives such as battery health reports and digital EV auctions.
Top 5 models sold at Manheim YTD:
- Ford Ranger: Up 30.8 percent
- Toyota Camry: Up 66.7 percent
- Isuzu D-Max: Up 68.2 percent
- Toyota Corolla: Up 72.3 percent
- Toyota HiLux: Up 34.1 percent
Notable upticks in sales at Manheim YTD:
- Toyota RAV4 aged 2-4: Up 588.2 percent
- Nissan X-Trail aged 2-4: Up 180 percent
- Toyota Camry aged 5-7: Up 86 percent
- Isuzu D-Max aged 5-7: Up 69.5 percent
- Hyundai i30 aged 8-10: Up 70.7 percent
- Holden Colorado aged 8-10: Up 211.1 percent
- Volkswagen Golf aged 10+: Up 195.5 percent
