Manheim index shows used-car auction prices edged up in December

Wholesale used-vehicle prices ticked higher in December, according to Manheim Consulting, giving auto-market watchers a modest year-end increase rather than a sharp move. The firm’s Manheim Used Vehicle Value Index rose to 205.5, with prices up 0.1% from November and 0.4% from December 2024 after adjustments.

Manheim Consulting said the index is adjusted for mix, mileage and seasonality. In plain English, that means the measure tries to account for differences in which vehicles sold, how many miles they had, and normal calendar patterns that can affect auction prices.

The index is based on completed sales at Manheim’s U.S. auctions, according to Calculated Risk, which cited Manheim Consulting’s December 2025 trends report. That makes the reading a gauge of wholesale pricing, the market where vehicles trade before they may end up on dealer lots.

What Manheim reported

Manheim Consulting said the December index level of 205.5 reflected a 0.4% increase in wholesale used-vehicle prices from the same month a year earlier, after adjusting for vehicle mix, mileage and seasonal effects. The firm also reported a 0.1% month-over-month increase.

Calculated Risk summarized the release by saying the Manheim index suggests used-car prices increased in December on a seasonally adjusted basis and were up 0.4% year over year. “Year over year” compares a figure with the same month in the prior year, while “month over month” compares it with the immediately preceding month.

The distinction matters because the December gain was small on both measures. A 0.1% monthly change points to a near-flat move from November, while the 0.4% annual increase shows wholesale values were only slightly higher than the prior December, according to the Manheim data cited by Calculated Risk.

How to read the index

The Manheim Used Vehicle Value Index, often used as a benchmark for auction-market pricing, does not report a single sticker price for a specific car. Instead, it summarizes price changes across Manheim’s U.S. auction transactions after the firm adjusts the data to make periods more comparable.

Those adjustments are central to the reading. If one month has more high-mileage vehicles, or a different mix of vehicle types, raw transaction prices can move for reasons that do not reflect a broad change in market values. Manheim’s adjusted index is designed to smooth out those effects, according to the firm’s description cited by Calculated Risk.

For investors following the auto sector, the December report adds one data point: wholesale used-vehicle values ended the month slightly higher than both November and the prior year. Manheim Consulting’s release did not provide a broader forecast in the cited material.

This story draws on original reporting from Calculated Risk.