While sales of used vehicles have increased, growth in supply depresses prices.
According to ADESA Analytical Services, 2015 was largely a year when strong retail used vehicle and certified pre-owned (CPO) demand, benign new vehicle incentive activity, and the embrace of upstream as well as traditional auction processes among remarketers diluted the usual negative impact of growing supply on wholesale values.
Further masking that impact was the displacement of off-rental program vehicle volume that appeared in the first half of the year rather than the last quarter of 2014. These high-dollar, late-model units biased average wholesale prices upward for much
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