There has been less than a percentage point of change in wholesale vehicle values since January, but prices are showing significant declines across the board when compared to early 2023.

And this softening has occurred even though wholesale vehicle supply is “relatively tighter for this time of year,” Cox Automotive said in analysis accompanying a midmonth reading of its Manheim Used Vehicle Value Index.

The index was at 202.1 through the first half of February, Cox said, which is a 0.9% drop from January and 13.8% softer when compared to the entirety of February 2023, when adjusting for mix, mileage and seasonality.

Without those adjustments, wholesale prices are up 0.9% from January and 11.7% lower than February 2023.

Supply, however, is still low.

Cox estimates that wholesale vehicle supply was at 27 days as of Thursday, compared to 28 at the end of January. While wholesale supply is ahead of 2023 levels by two days, it trails 2019 levels by seven days, the company said.

Alas, there are some signs of promise for dealers looking to secure that much-needed used-car inventory through wholesale channels.

As of the end of January, 11 of the past 13 months have shown a year-over-year rise in unit sales at auto auctions, according to AuctionNet data from the National Auto Auction Association shared exclusively with Auto Remarketing.

Last month, total unit sales at auctions came in at 541,154 units, a 9% increase from January 2023, when 496,503 units were sold, the AuctionNet data shows.

As for prices, in addition to the overall 13.8% adjusted year-over-year decline, all of the Manheim index’s selective market classes are showing double-digit-percentage declines through mid-February, the Cox data shows.

Luxury prices are down 13.2% year-over-year, compact cars are down 16.9% and midsize cars are off 15.9%. Pickup prices have fallen 14.6% year-over-year and SUV/CUV prices are down 13.5%.

Electric vehicles are showing a steeper decline through mid-February (16.1%) than non-EVs (12.8%), Cox said.