Free to endorse products thanks to an NCAA rule change, college athletes are getting access to vehicles and being paid for appearing in ads or wearing clothing with auto dealership branding.
Wholesale used-vehicle prices slipped further in March, the second month in a row they’ve declined after a long period of record elevation.
Cox Automotive said Thursday that its Manheim Used Vehicle Value Index, which tracks vehicles sold at Manheim’s U.S. auctions, fell 3.3 percent in March compared with February. The decline in February pric-es was the first the index had recorded since August.
Still, wholesale prices were nearly 25 percent higher in March than they were one year earlier. Those numbers are adjusted for mix, mileage and seasonality. On a nonadjusted basis, the Manheim Index rose 0.6 percent from its February level, with prices up 23 percent year over year, according to Manheim.
“As we move into the next several weeks, prices are likely to move up with the spring selling season, though the magnitude of the monthly increases are likely to be lower than we’ve experienced over 2021,” said Chris Frey, Cox Automotive’s senior manager of economic and industry insights, who spoke during the company’s quarterly conference call Thursday.
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