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USED CAR NEWS

Used Car News 1/ 19/2026

IN THIS ISSUE:

Moorby, Cadigan Remember Industry Icon By Jay Cadigan and Tony Moorby

It’s been nearly thirty years since Mike Richardson was involved in the industry that he turned on its head. He passed away last month, aged 89. The auto auction industry now touches every part of ‘vehicle remarketing’ – a phrase that he coined himself – and has grown from a sleepy resale backwater, often as an option of last resort, to a front and center position of countrywide, even worldwide, distribution of every type of vehicle imaginable. Anglo American Auto Auctions, later ADT Automotive, was only in existence for 18 years. Born in Nashville, Tennessee in 1982, the company grew into a group, mirroring its parent in the UK, so that its component auctions could act in unison with the same sets of rules and standards and offer countrywide resale opportunities through the auspices of one home office; something fleets and auction companies had never seen before. Cox acquired ADT Auctions in 2000. In the early days, Mike formed a crucible of ideas and brought in people to grow and develop them. Some of the early practices were ‘imported’ from British Car Auctions. We sponsored The Truth-inMileage Act, passed in 1991 to bring a realistic and level playing field for vehicle pricing and values. Mike wasn’t shy to spend a million dollars to lobby for what was right. We started selling cars with auction guarantees of condition and mileage, offering fleet cars in separate, stand-alone sales. We looked for companies like Citibank to offer wholesale floorplan financing and

• 2026 Forecast • Used Vehicle Index

eventually brought the manufacturers in to fairly distribute their own company vehicle as well as short term lease vehicles, typically used by the daily rental companies. Some companies like Chrysler had dabbled in auctions but on a small closed, regional basis. When GM held their first franchised dealeronly sale in Detroit, it was so successful that people thought it was ‘fixed’. Ford needed a program to sell Hewlett-Packards’ ‘plain Jane’ smaller sedans from their fleet housed all over the country. Mike created a de-fleeting plan to send vehicles to auctions in HP’s office areas even if the auctions didn’t belong to us – we called them ‘Allied Auctions’ who agreed to execute our standards. Mike also persuaded HP to buy much higher specified cars and eventually sent their residual values way up. Customers were becoming com-

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insisted that our managers earn positions on committees within the National Auto Auction Association and believed in the singular voice it gave to our industry. It may have involved some internal pushing and shoving in those earlier days but that was the challenge Mike was always willing to take. He was a lovely man. His cutting sense of humor added a particular British sensibility to his quick wit. Like most Brits, he was a dog-lover and this captain of industry could equally melt into a puddle on the plex. Mike came up with the idea floor to play with Dougal, his West of bringing them together to listen, Highland White Terrier. He was primarily, and then to design pro- a gourmand who loved to entergrams that suited individual and tain and be entertained. His love national requirements. Mike insist- of wine provided an entrée into an ed that we held them in nice places, annual wine auction that started in acknowledging the importance and a friend’s back yard and under his quality of our customers and The tutelage became one of the biggest Client Advisory Board was born. charitable, social events in NashMike was a great believer in tech- ville; Un Été du Vin (A Summer of nology and embraced every early Wine) garnered over $10 million opportunity to be at the forefront for The American Cancer Society in of developing customer-centric just a few years. programs rather than just having Like most big figures, there’s a a computer to drive and record in- spouse making sure that everything dividual auctions’ sales. IBM were else is taken care of. We could write frequent visitors. I remember send- another whole article on Mike’s ing out the first ‘floppy discs’ to cus- wife, Janet who wrote the book on tomers so they could download our kindness and hospitality. programs! He will be missed by those who He believed in influencing. “The had the pleasure and privilege of Used Vehicle Market Report” was his acquaintance and for those who introduced using pure data mined never knew him, you’re probably from our own auction activities. enjoying some of the improvements He persuaded publications to write and benefits he brought to our busiaboutUCN_Jan us, toAAAUnited.pdf join and participate in 1:16nesses and lives. 2 1/9/26 PM industry conventions and to have There will be a Celebration Of a presence in Washington D.C. He Life in Nashville in early March.

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NAA Preview 1/19/2026

2026 NADA Show Takes Pole Position in Las Vegas

By Jeffrey Bellant

The National Automobile Dealers Association is revving up for a big 2026 and its annual convention Feb. 3-6 at the Las Vegas Convention Center. To celebrate the 2026 NADA Show and the arrival of F1 racing to Las Vegas, the convention will hold its welcoming reception at the Grand Prix Plaza, with immersive interactive F1 activities, F1-inspired go karts, race simulators and other attractions. “It’s the industry event of the year and we’re tracking toward record attendance,” said Mike Stanton, NADA president and CEO. “The exhibit hall has been sold out for a long time. That’s going to be another record in terms of size. “Our mission is always to bring the industry together to address the issues of the day.” The event follows what Stanton describes as an overall good year for the auto industry. Some brands struggled, like Nissan, Stellantis and

JLR, but with 16.2 million cars sold, it’s a strong year. “Dealer profitability looked to be on par, maybe even a little better than 2024,” he said. But it was hard to predict during the year. Stanton said at the start of last year, NADA Chief Economist Patrick Manzi predicted 16.2 million cars would be sold in 2025, but after hearing all of the doom-saying about tariffs, he dropped his forecast by a half-million units. “It ended up, he was dead-on accurate (with his original forecast),” Stanton said. From a policy perspective, it was a great year for the auto industry, Stanton said. “We beat the FTC’s Vehicle Shopping Rule (CARS Rule), the EV mandates are largely taken care of and we had a lot of tax wins for dealers,” he said. “But there have been some challenges on the direct sale side with VW and Honda, with what they are trying to do to compete directly with

their dealer network. We’re challenging that legally.” Overall, tariffs had little impact in 2025 on most companies, Stanton said, though some brands like Porsche experienced huge losses because of stiff tariffs. “Everybody is in a different competitive position,” he said. “It certainly was confusing. As an organization, our concern was, well, if we’re going to have fewer sales, then that would lead to fewer jobs at dealerships. But, so far, we haven’t seen any of that, none of that.” The big challenge for the new-car industry was clearly affordability, Stanton said. “The NADA wants to make sure that the average American can buy a new car,” he said. “Think of all the money our car companies are saving now, not having to build electric vehicles that they were losing money on.” Expectations for strong tax returns this year could go a long way to boosting spring auto sales. In terms of inventory on the lots,

the total seems to have settled in around 3 million units, which is a lot more than we had during COVID, but also 1 million less prior to COVID, Stanton said. During the chip shortage, it was under 2 million. Stanton said during that shortage, it was the first time he heard a sales number that was higher than an inventory number. Despite the successes in policy fights last year, Stanton said NADA remains vigilant this year to defend what is always a highly regulated business. “But with the new administration, things have changed quite a bit,” he said. “It’s a much more favorable business environment than it was over the past four years.” However, there is the Surface Transportation Bill which comes up every five years. “We represent big American truck dealers as well, so our priority is the repeal of the 12% excise tax on Contiinued on page 8

News Briefs

USED CAR NEWS

1/19/2026

Volume 31 | No.11

Cox Names New CSO

Cox Automotive announced that Jonathan Smoke has been named executive vice president and chief strategy officer. Smoke succeeded Amy Mills, who departed at the end of last year, following the announcement in July of her retirement after nearly 25 years of service at Cox Automotive. Since joining Cox Automotive as chief economist in 2017, Smoke has been an integral part of the company’s strategic planning process and a trusted voice both within Cox Automotive and across the broader automotive industry. Since January 2024, Smoke has also served as chief economic advisor for Cox Enterprises, parent company of Cox Automotive, demonstrating his broad ability to connect macroeconomic trends with business strategy. “No one has a better understanding of our business and the external industry environment than Jonathan does,” said Steve Rowley, president of Cox Automotive. “His counsel and expertise will be invaluable

Published By General Media LLC USED CAR NEWS (ISSN 1555-7413) is published at : Used Car News P.O. Box 80800 St. Clair Shores, MI 48080 Phone: 586-772-5200 or 800-794-0760 Fax: 586-772-9400 www.usedcarnews.com Charles M. Thomas Founder (1947-2002) Lynda R. Thomas, Publisher Emeritus Colleen Fitzgerald, Publisher

as we shape our future direction, and we have confidence in his ability to steer us to success in this expanded role.” Before joining Cox Automotive, he held the role of chief economist at Realtor.com and Hanley Wood, a media and market intelligence firm. In conjunction with this announcement, Jeremy Robb has been named interim chief economist

to ensure continuity in economic analysis and industry insights as the search for a full-time chief economist begins. Robb currently serves as senior director and deputy chief economist at Cox Automotive.

In Memoriam: Ted Cooper

Ted Bernard Cooper, 75, of Troy, Mich., a past board member of the Michigan Independent Automobile Dealers Association, died on Monday, December 22, 2025. The MIADA’s official Facebook page posted a tribute on Dec. 24, 2025, stating, “We are very sad to share the passing of Ted Cooper.” Cooper was born in Toledo, Ohio on June 13, 1950. He proudly served in the United States Marine Corps. After returning from service he taught classes at the Arthur Murray Dance School in Toledo. He met the love of his life, Judy, and they married in 1970. Cooper was a born salesman. In 1974 he started at Reynolds & Reynolds, a top national provider of dealership management systems. He knew at that time he wanted to sell computer software to car dealers the rest of his life. Cooper was awarded “Top Salesman” in the company numerous times. In 1985, Cooper left Reynolds & Reynolds to start his own company. With Judy by his side they created what is now a thriving family business celebrating 40 years last year. He was always eager to share his love for the car business with everyone. He always said he was just a “car guy”. Beloved husband of Judy for 55 years. Loving father of Jeff (Amy), Steve (Amanda), and Jennifer (Geoff ). Proud grandfather to Justin (Camilla), and Katie. He was preceded in death by his parents, Ted Cooper Sr., Vallie and Don Waggoner. Dear mother and father in law Helen & Ryder Claflin. And sister Sally Jaso. His funeral was held last month.

Editorial: Jeffrey Bellant, Managing Editor Ed Fitzgerald, Staff Writer Advertising: Shannon Colby, Account Manager Tony Moorby Columnist: Circulation: subs@usedcarnews.com Production: Tom Savage, Production Manager Cee Lippens, Web Master Used Car News is published every third week. Subscribers: We print advertisements as sent to us by auctions and other advertisers. It is not possible to verify the correctness of listed vehicles in auction ads. Most lists are partial and all lists are subject to last minute changes by auto auctions, so before travelling a long distance for a particular auto auction event, contact the auction by telephone for a fax of vehicles in the sale. Used Car News assumes no guarantees or liabilities concerning the accuracy of any advertisements. All Rights Reserved. Reproduction in any form is prohibited without the written consent of the publisher. OUR ADVERTISING APPROVAL POLICY Payments from first time advertisers must accompany the insertion order. Distribution is guaranteed by the USPS. The advertising reservation deadline is 12:00 noon Thursday, 11 days prior to the issue cover date. Ad materials are due by 5 pm Friday, 10 days prior to issue cover date. For advertising specifications please email colleen@usedcarnews.com. Join the Conversation! Visit Used Car News online at www.usedcarnews.com or scan this QR code with your smartphone to be taken directly to the website.

C R O S S W O R D PAGE 14

2026 Forecast 1/19/2026

NAAA Exec Predicts Strong Used Vehicle Demand in 2026 By Jeffrey Bellant

Strong used-car prices, increasing volumes of off-lease vehicles, and used EVs competing with sales of new EVs will all be trends to watch in 2026. National Auto Auction Association’s Larry Dixon, vice president of auction data solutions, talked about what he sees in a continuing chaotic marketplace. Dixon said his 2025 wholesale and used market forecast was “pretty sound” as he expected a strong usedvehicle market and, in particular, used-vehicle prices. The reason for that prediction was because of the dip in 3- to 5-year-old units. “Wholesale depreciation from January through December last year was 12.6% to be precise,” Dixon said. “Overall, it was a good year.” This compares to a historical rate of about 16%, he said. “For context, looking back at 2022, 2023, we saw that rate of depreciation was about 20%,” Dixon said. Looking ahead to this year, Dixon predicts a larger supply of the 3- to 5-year-old vehicles. With the vast majority of new-vehicle leases carrying a 36-month or 3-year term – roughly 75-80% – it’s easy to predict from a volume standpoint, based on new-vehicle sales, he said. In 2022, new-vehicle sales were in the 13.7 million range, while they jumped to over 15 million sales in 2023. “We know that volume is going to be up,” Dixon said. Also, with new-vehicle prices continuing to rise and affordability becoming a bigger issue, those 3-year-old units are going to be in exceptionally high demand, he added. Dixon guesses that those vehicles may stay with the grounding dealer at the end of the lease and not go to auction or even get picked up by the other dealers in that dealer network, such as Ford or GM. “What’s leftover finds its way to the physical auction,” he said. In 2024, fleet sales really propped up new-vehicle sales overall. Dixon said you have to put that in context with prior years because of the semiconductor shortage, starting in 2020, there were far fewer commercial sales, as most available units went to consumers. Rental units for example, couldn’t

get the new inventory they needed. Once manufacturers ramped back up in 2022 and 2023, there was a huge spike in new-vehicle sales to rental fleets, Dixon said. “They really started to divest themselves of the older 2023 and 2024 model year units into last year and this year,” he said. That meant a lot of off-rental units entered the market in 2024 all the way through 2025. Looking at AuctionNet data, NAAA’s proprietary wholesale sales data network that contains numbers from 265 NAAA member auctions, volumes showed an increase of 7% in 2025, the majority of which came from commercial sales. Those included off-rental units which were the 1- and 2-year-old units, Dixon said. “That (off-rental) volume was up by more than 20% year over year” he said. The older units driving wholesale volume are in the repossession category, which have to be sold into auctions. This year, based on new-vehicle sales into rental fleets being up about 15-20% year-overyear in 2025, it means there will be some growth when those vehicles return into the secondary market later this year and into 2027, Dixon said. The fleet manager’s job will remain difficult going forward because the high cost of new vehicles and the impacts of tariffs, Dixon said. Dixon added the first quarter is going to be really interesting, because it will be the biggest or one of the biggest tax refund seasons. A counter to that is the overall state of the economy, particularly when it comes to used-car buyers and 5+ year-old vehicles. “So in the first quarter, typically used-vehicle prices rise along with the receipt of tax refunds,” Dixon said. “Consumers get flooded with cash so they can go out to acquire that pre-owned vehicle which means higher demand, higher prices.” Watching how consumers respond will be interesting. “Here’s why,” Dixon said. “Because it will give us some insight into the consumers’ mentality; how they feel about the economy. Are they willing to take all those additional funds they are about to receive and drive demand and, thus, prices higher for used vehicles or will we see something of a muted response. “So that will tell us something

about how consumers perceive the overall economy, their household income and where they see their financial situation going the remainder of the year.” Tariffs is the other wild card in the 2026 forecast. The impact of tariffs on 2025 prices was muted in part because 2025 pricing and production plans were already baked into the market when tariffs were announced in April, Dixon said. “It’s still in a state of flux, which is never a good thing,” he said. “It gives everyone pause.” Lending conditions overall are also a trend to watch in what economists call a K-shaped economy. “Lending conditions should improve in respect to interest rates,” Dixon said, “So, as the Fed is lowering interest rates, we should see some positive movement for newand used- interest rates though they don’t follow one another in lockstep. “If you’re a subprime consumer you’re probably going to have a tough time – slightly better than what we saw last year – but still not an ideal state.” The other category that continues to draw attention in the auto industry is electric vehicles (EVs).

In the same way we saw a jump in new-vehicle sales in 2023 from 2022, that also was reflected in EV sales. “I estimate that at least 280,000 additional EVs – and these are just 3-year-olds – will find their way into the market in 2026,” Dixon said. “Take away the EV tax incentives that expired in 2025 at a time when EV demand is already very low and used EV prices and used EV retention are already low, what is that added volume going to do for EV prices and retained value in 2026?” Dixon said. Consumers might rather take a chance on a used EV, which has a price that is 35% lower than when it was new. “The average ICE vehicle has a retention north of 50% for a 3-year-old vehicle,” Dixon said. “The average EV is about 38%.” The used EVs are going to be very competitive against new EVs. He believes there are going to be manufacturer incentives placed on new EVs to try and boost sales. Dixon closed with the prediction that used vehicle demand is going to remain strong in 2026. “It’s still going to be really good from a historical standpoint.”

Compliance News 1/19/2026

Hudson Cook Attorneys Look Back at 2025 Forecast By Shelley B. Fowler

In the first Spot Delivery issue of 2025, we published an article with predictions from three lawyers at Hudson Cook, LLP, of what they expected to happen during the year in auto sales, financing, and leasing. Well, now that we’ve reached the last issue of the year, it’s time for them to look back and evaluate just how well they did. Below, in bold, are the predictions of Eric Johnson, from Hudson Cook’s Oklahoma office, followed by his reflections on those predictions. President Trump will finally get a new hairstyle, with the numbers “47” also shaved into the side of his head, and it will be a trend that will sweep throughout the nation. The new style will be called the “DT47,” and hairstylists will double their income virtually overnight. Seriously though, his election will have a profound effect on federal agency regulations. His philosophy of wanting to reduce federal regulations by a 10:1 ratio (for every new regulation, 10 have to come off the books) will translate into less burdensome federal regulation for businesses. As interesting as it would have been to see, President Trump didn’t get a new hairstyle, with any sort of numbers shaved into his head, so I whiffed on this one. On a more serious note, his election did have a profound effect on federal agency regulations, especially those issued by the Consumer Financial Protection Bureau. If anything, I didn’t anticipate just how many CFPB regulations would be rescinded or withdrawn under the new administration. I mostly got this one right. The Consumer Financial Protection Bureau will get a new acting director who will vastly reduce the number of enforcement actions and new final rules that we’ve seen from the Bureau these past few months since the election. Enforcement and rule writing will continue, but at a much slower pace. The CFPB did get two acting directors, and the latest one (Russell Vought) has vastly reduced the number of enforcement actions and new final rules by the

CFPB. As for enforcement actions, they’ve been few and far between. If anything, the CFPB has pulled back on enforcement actions and rescinded consent orders early. Some rule writing has continued, but at a much slower pace. I’d say I got this prediction right. The Federal Trade Commission will get a new chairperson whose focus will be on “routine law enforcement” and less on aggressive consumer protection measures. The FTC will continue to enforce many of the same provisions that are outlined in its CARS Rule against dealers and will continue to require dealers to get a consumer’s “express, informed consent” before charging a consumer for so-called add-ons and other fees. The states will fill in any perceived gap in federal law enforcement. The FTC did get a new chairperson who appeared to focus on “routine law-enforcement,” but it was still aggressive on consumer protection measures. The FTC has not enforced many of the same provisions that are outlined in its CARS Rule against dealers. With the exception of California, which recently passed its own version of the CARS Rule, states have yet to fill in any perceived gap. I’d call this mostly a miss. The DOGE group (Elon Musk and, until recently, Vivek Ramaswamy) caused quite a commotion when Musk said that he would like to “delete” the CFPB. DOGE will have some impact on reducing government waste, but it won’t be able to delete the CFPB. The CFPB was created by Congress, and only Congress has the power to hit the delete button, which won’t happen in 2025. I expect we may see some caps put on the CFPB’s funding. We did see a cap placed on the CFPB’s funding when Congress reduced the amount the CFPB could pull from the Federal Reserve’s total operating expenses from 12% to 6.5%. Despite what some folks might think, the CFPB is still alive and kicking—Congress created the CFPB, and only Congress has the power to delete it. Despite the administration’s best efforts to fire most of the CFPB’s employees and starve it of funds with which to operate, the CFPB has not been completely deleted.

I got this one mostly right. I expect to see an increase in EV sales in the first quarter or two of 2025 as consumers seek to snap up electric vehicles before the Trump administration makes any changes to EV tax credits, as promised. Although EV sales in Q1 and Q2 were down slightly, the EV market showed significant growth overall in 2025. With the federal incentive set to disappear, dealerships saw a surge in demand in Q3 that pushed U.S. EV sales volume to an all-time high. I was a bit off on my timing, so I’d call this mostly a miss. Let’s see how Trisha Cacciola, from Hudson Cook’s New York office, fared. Here, again in bold, are her 2025 prognostications, followed by her view of how well she did. With the change in the administration, we will see less activity by the CFPB on regulatory guidance pronouncements. Federal enforcement activity will return to clear and harmful statutory/ regulatory violations, and novel theories of liability will become less frequent. This one was spot-on. In fact, the CFPB went even further than simply less activity—we actually saw retractions of existing rules and guidance. State AGs will likely “pick up the slack” and take a more active role in enforcing the CFPA and state laws. Another home run! We saw many states not only actively enforcing laws (e.g., NY, MA) but doing it in a very public way. There will continue to be regulatory scrutiny on protecting consumer data privacy and curtailing use of that data on both state and federal levels. I think I was half right. On the federal side, we did not see as much, but states were unbelievably active in this space. We saw states enacting new privacy laws, existing state laws being expanded and made far more comprehensive, and early development in state AI regulation. How did Patty Covington, from Hudson Cook’s Virginia office, do? Here are her bets for 2025, followed by her self-review. States will continue to enact legislation regulating the sale and financing of GAP products and refunding issues. Corre-

spondingly, state regulators will enforce existing requirements, as well as their informal positions on VPPs generally. This prediction fell a bit flat. We haven’t seen as much enforcement as expected on VPPs. We’ll see about 2026. Artificial intelligence will be a hot issue that state and federal legislators will be focusing on, with new laws enacted. Dealers will need to consider whether these new laws apply to their operations, which increasingly involve AI (and likely have for years). This prediction was on point. Both the federal and state legislatures have been proposing legislation. There are a few new state laws and regulations, including in Utah and California. California has two new regulations. One affects using AI in employment decisioning, and the other relates to the use of AI to replace human decisioning. Colorado amended its 2024 law to postpone its effective date to June 30, 2026. There are a couple of bills at the federal level, including the GAIN AI Act, which focuses on national security. Note also that both the federal and state legislatures are focused on the use of companion chatbots and children’s privacy. States will continue to pass comprehensive privacy laws that may apply to dealers. The determining factor will be whether they include a GLBA carve-out or a GLBA and FCRA information-only exception. Dealers will need to consider how these laws will impact their business. This prediction was somewhat accurate. Some states considered new comprehensive privacy laws, but more states tweaked the laws they already had on the books. They pulled back the GLBA entitywide exemption to be data-specific. This will require companies to map their data and apply the exemption more carefully. It’ll be nuanced in application. So, that’s our take on how we did for 2025—a passing grade but certainly not an “A.” Keep an eye out in the next issue for our best bets for developments in 2026. * Shelley B. Fowler is a managing editor at CounselorLibrary.com, LLC.

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Dealer News 1/19/2026

NADA – Continued from page 3 heavy duty trucks,” Stanton said. “We’re also in a fight to defeat the REPAIR Act. That’s been a 20-yearfight.” NADA has also introduced a bill regarding catalytic converter theft, The Preventing Auto Recycling Theft (PART) Act, which would require VINs on new catalytic converters and creating grants to mark older ones. Stanton also wants to make sure autonomous vehicles don’t become the new EVs. These cars may work in very specific uses like for people who have to go to the doctor, or elderly parents who can’t drive anymore or in a controlled environment, he said. In the dealership, the need for good technicians continues to be an issue. “I think if you asked 100 dealers if they could use more technicians, 100 dealers would say yes,” Stanton said. “It’s a real challenge.”

Solving this problem requires an all-of-the-above approach, he said. “I know dealers who are trying to get middle-schoolers interested in the trade,” Stanton said. “Manufacturers have some programs, too. At NADA, we’ve tried some things, but we’ve had some start-stops, not the kind of success we’ve hoped for.” While Stanton remains optimistic for the industry in 2026, the issues of affordability and direct sales are still looming. He is optimistic these will be addressed. Selling cars looks easy, he said, and if everyone had a perfect credit score and didn’t have a trade-in and there wasn’t massive regulation around the transaction then maybe it would be easy. Working on behalf of dealers against unnecessary regulation is always going to be a big part of NADA’s mission. In the nation’s capital, where so many young staffers don’t drive and

Photo Courtesy NADA REV IT UP: The 2026 NADA Show comes to Las Vegas Feb. 3-6, with a sold out exhibit hall and a full lineup of educational sessions and networking opportunities. The city is also home to the Las Vegas Strip Circuit, a Forumla 1 race track.

have never owned a car, it’s about teaching folks about the new-car industry. “Our role is to help,” Stanton said. “That’s what a lobbyist is, we’re educators. That’s why it’s important for us to maintain those relationships.”

Stanton added that NADA has also partnered with other industry groups. “NIADA CEO Jeff Martin and I talk every quarter,” he said. “We talk with the auction guys, too. We’re aligned 80%-90% of the time.”

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Compliance News 1/19/2026

IRS Issues Guidance on ‘No Tax on Car Loan Interest’ Provision WASHINGTON — The Department of the Treasury and the Internal Revenue Service on Dec. 31 provided guidance on the “No Tax on Car Loan Interest” provision enacted under the so-called One, Big, Beautiful Bill. The proposed regulations issued relate to a new deduction for interest paid on vehicle loans incurred after Dec. 31, 2024, to purchase new made-in-America vehicles for personal use. This new tax benefit applies to both taxpayers who take the standard deduction and those who itemize deductions. Who can take a deduction for interest on car loans To help taxpayers take advantage of this new tax benefit, today’s guidance addresses important eligibility criteria, including: • Providing rules relating to new vehicles eligible for the de-

duction, including for determining if the final assembly of a vehicle occurred in the United States; • Providing rules for determining which vehicle loans qualify and the amount of interest paid on a loan that may be deductible; • Providing rules for determining if a new vehicle is purchased for personal use; and • Identifying taxpayers who can take the deduction and clarifying the $10,000 annual deduction limit. What lenders need to know The IRS previously announced transition guidance for certain lenders and other taxpayers receiving interest for vehicle loans in 2025. In general, those persons must file information returns with the IRS to report interest received during the tax year and other information related to the loan.

These information returns enable taxpayers to claim the benefits of the vehicle loan interest deduction. To help lenders implement these information reporting requirements, the proposed regulations clarify: • Which lenders and other interest recipients are required to report and the time and manner for this reporting; and • What information must be included on the form provided to the IRS and to taxpayers. MORE INFORMATION FOR THOSE INTERESTED IN THE “NO TAX ON CAR LOAN INTEREST” PROVISION OF THE TAX BILL: Treasury and IRS invite comments from the public on these proposed regulations by Feb. 2, 2026. Comments can be submitted

through Regulations.gov and instructions can be found in the proposed regulations. Scott Bessent, above, is acting Commissioner of the IRS.

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Dealer News 1/19/2026

Manheim Forecasts Normal Depreciation, More EVs The Manheim Used Vehicle Value Index (MUVVI) closed out December at 205.5, marking a 0.4% increase in wholesale used-vehicle prices compared to December 2024 and a modest 0.1% gain month over month. The year-end data reflect a market that has largely stabilized, with non-seasonally adjusted prices up 0.5% year over year, following a slight 0.4% decline from November. The long-term average for December is typically flat, underscoring the market’s return to seasonal norms. “Consumer spending trends showed signs of a slowdown in December, as affordability concerns caused many to pull back on the spending reins, translating to depreciation trends catching up a bit in wholesale markets over the month,” said Jeremy Robb, interim chief economist at Cox Automotive. “As we moved into the holiday period, we saw seasonal patterns in used retail sales slowing down, while new retail sales increased against November trends but remained lower compared to 2024.” Since the March low of 202.6, the MUVVI has consistently remained above this threshold throughout 2025, with wholesale values supported by sustained retail demand. According to an initial estimate from Cox Automotive’s vAuto Live Market View, retail used-vehicle sales in 2025 were higher year over year by 2%. In December, the sales pace was down by less than 1% year over year, ending the year on a stable note. The seasonal adjustment to the Manheim Used Vehicle Value Index reduced the change for December, as non-seasonally adjusted values declined at a higher rate. Non-adjusted wholesale vehicle prices in December were up 0.5% year over year, although they declined 0.4% against November 2025. The longterm average monthly move in nonadjusted values is an increase of 0.3% in December. In December, Manheim Market Report (MMR) prices for the ThreeYear-Old Index declined slightly more than typical for this period, as depreciation trends caught up to long-term averages. MMR retention increased moderately and remains seasonally normal for this time of year. Meanwhile, sales conversion indicates a strengthening of demand, as the metric held higher than usual for this time of year. MMR retention – the average difference in price relative to the current MMR – averaged 99.6% in

December, meaning market prices were nearly in line with MMR values in December and were higher than November levels. Compared to 2024, valuation models were up 60 basis points year over year for MMR retention and up 70 basis points from November. The average daily sales conversion rate at Manheim was 56.8% in December, 4.6 percentage points higher than the most recent three-year average, and up 4.4 percentage points from November. In December, the Electric Vehicle (EV) Index was up 2.5% year over year but down 0.1% from November, when it reached its 2025 peak. Non-EV wholesale values rose 0.4% year over year in December. The EV Index posted year-over-year gains for nine straight months to close the year. Across the quarter, luxury vehicles and EVs outperformed the broader market. December’s data showed luxury and EV segments leading year-over-year price gains, while compact cars and trucks posted the largest declines. Cox Automotive forecasts retail used-vehicle sales in 2026 to reach 20.3 million, down 0.7% from 2025. Retail and wholesale supply will remain constrained in the coming year, driven by lower production and fewer lease maturities returning to the market, though lease maturities will rise over the year. Cox Automotive expects a relatively normal year for wholesale values, with the Manheim Used Vehicle Value Index projected to rise 2% by year-end 2026. This forecast signals a return to typical rates of depreciation and a gradual increase in the weighting of EVs in the index, which currently stands at 3.3%. As the year progresses, the influence of EVs is expected to grow as the volume of EVs returning to the wholesale market increases. “As we move into 2026, a few positive indicators are emerging: New and used auto loan rates are beginning to trend lower, and consumers will soon see increased tax refunds hit their wallets,” Robb said. “As this plays out, we are expecting to see stronger demand in the auto market as the year gets underway.”

Sales Conversion Sales Conversion has held stronger than usual and remained higher in early December 80% 75% 70% 65%

47.4%

60% 55% 50% 45% 40% 35%

30%

2021

2022

2023

2024

2025 Sou rce : Cox Au tomotive

MUVVI Index Segments: Annual Change All primary segments show lower values Y/Y, while EVs are up the most against last December 3%

2.5%

2% 1%

0.4%

-1%

-1.6%

-2%

-2.3% -3% -4%

-3.4% Overall Index

Sedan

Pickup

SUV

Non-EV Sou rce : Cox Au tomotive

Consumer Sentiment Improved in December The Index of Consumer Sentiment is 3.8% higher this month as gas prices are now down 7% Y/Y $5.50

120 115

$5.00

110

$4.50

105

$4.00

100

$3.50

95 90

$3.00

$2.50

$2.00

$1.50

Morning Consult Index of Consumer Sentiment

AAA Average Unleaded Gas Price (RH) Sou rce : Morning Consult and AAA

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Wholesale Markets 1/19/2026

GEORGIA

Corey Sanford, general manager, America’s Auto Auction – Atlanta, Cartersville, Ga. “We have four lanes; I wish I could build more. “We’re running 1,200 a week. We sold 25,000 cars in 2024 and we sold 26,000 in 2025. “I’ve got the same sales reps that I’ve had for years and they rely on relationships with used-car directors and used-car managers. “Our sales percentages are not great. They are 50%. We’ve got auctions up north that do 75% every week. “In 2024, our average sales price was $9,500. In 2025, it was about $10,500. “Our volumes are about 20% fleet, 80% dealer cars. “Off the top of my head, we draw about 500 dealers online and 300 in the lanes on sale day. We used EDGE

Compiled by

Jeffrey Bellant Pipeline online. “Dealers are always saying how high cars are, but I think our mix has changed a little bit. But all I hear is prices are high and profits are down because of the price of cars. “But retail is doing really well in Atlanta. I just spoke to the sales director for (a very large auto group in Georgia) and he was telling me they had sold over 1,000 cars last month among three stores. “Post-sale inspections here are down by half. But I let guys test-drive on our track. If we have to be open until 11 p.m. the night before a sale, we will do that to let dealers walk every car and look at them. Our biggest buyers are really hands on and don’t PSI their cars. “About 90% of my dealer consignment are new-car trades.

“I’m a Corvette guy and I’m telling you they have flooded the market with Corvettes. If you pay sticker for a Corvette, you don’t know what you’re doing. I just bought a new Z06 and I got $12,000 off the sticker.

MICHIGAN

Sarah Miller, general manager, America’s Auto Auction - West Michigan, Wayland, Mich. “We have 12 lanes and run eight. Our 12th lane is used as a photo bay. “We’ve been running between 1,000 and 1,200 cars, outside of the holidays. Last year, I felt like we had more dealer consignment and fewer lease vehicles (compared to 2024). It’s just harder to get consignment with all the market changes. “We run about 60% fleet/ lease and about 40% dealer cars. I do think this year

35 Subaru SUV

1 Ram _______ EV

37 Toyota hybrid

6 Toyota sports car

38 Mena’s state, abbr.

9 Speeder’s fear

39 Electric vehicle company founded in 2009

10 _____ Integra sedan 12 Drivers’ licenses, e.g. 14 Italian car make 15 Buddhist philosophy 16 Shared commute arrangement 18 Mid-size Nissan sedan 20 Jaguar model 23 Weight unit abbreviation, abbr.

41 Road paving material 45 Raise a car to change a wheel, e.g.- 2 words

11 Golden State abbreviation 13 Federal drug enforcement agency, abbr. 14 Field-grade officer, abbr. 17 Watch brand 19 Dangerous surface in winter driving 21 Basketball player Ming

46 2025 Formula One World Championship, ____ Norris

22 Sounds fine, as an engine

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24 Try to win over romantically

37 38

44 45

30 Lotus model

5 VW minivan

29 Slows down

31 From ___ to sixty (acceleration statistic)

6 Compact car owned by Mercedes

30 Buick sedan

40 By way of

32 Night before a holiday

42 Friend

36 ____ plug (engine component)

43 __-way street 44 Oil company, abbr,

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Solution to the 12/15/2025 puzzle

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Solution to this puzzle in the 2/23/2026 issue. Call 1.800.794.0760 for a FREE subscription.

37 Contemptuous utterance

8 Part of Nasdaq, abbr.

4 Garage freebie

34 Actress Longoria

29 Unhappy crow noise

33 GMC _____, compact SUV

26 Posting at JFK. abbr.

7 Geo ____, 90s compact car

2 More timeworn

33 Indian motor company

28 Summer month abbreviation

27 Passenger places in a car

25 Santa’s laugh syllable

3 What tires contain

1 Taycan makers

24 Car, slangily

say our Canadian percentages have dropped. “I think in 2026, we’ll be looking forward to the challenge of it, making sure we’re able to gain more consignment and more buyers. “The sales team is working really hard to get new accounts in here and new faces. “Obviously, we’ll probably be seeing more EVs in the lanes. “We have two EV chargers now and I’ve actually just ordered two more just to be prepped. “On April 24, we’ll be celebrating our 30th anniversary and we’ll be having a huge sale that week. We’re going to have more cars and probably newer consignors who will be testing out the sale. “I’m also having $30,000 in giveaways, whether it’s cash, four-wheelers or whatever.”

Play Online at Us e d C a r N e ws. co m

By Myles Mellor

Across

we’ll be seeing an uptick in the lease consignment. I think we’ll be seeing more lease vehicles. On dealer cars, I’m not sure. “We have been averaging about 60% (sold). “I think we still get 300 to 400 dealers in the lanes. I would say we’re close to 50/50 between online and in-lane. “Our average price here, I would say, is probably close to $12,000. It’s hard because we will have one consignor run one week and another the next week and they both run totally different types of cars, but each runs about 200 each. “I think tariffs have affected us because there’s a lot of (specific) vehicles that aren’t being brought over from Canada anymore. It has affected our Canadian value, for sure. I think that’s where we saw a downside. I would

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Retail Markets Compiled by

1/19/2026

Ed Fitzgerald

FLORIDA

Mike Clark Jr., owner, C&C Cars, Pinellas Park, Fla. “Our business was established in 1985.” “The year 2026 looks promising for buy-here, pay-here with many things changing in our economy. I think more customers will be coming our way, but with limited inventory available. “We are pretty even on selling SUVs and sedans. Trucks are more difficult and we usually have one or two at any given time. “We buy 99.9% in-person at auction and .1% from private individuals. “We sell all domestics and we use GPS for our BHPH sales. “Our customers’ down payments start around $1,000. “There is so much more to the recon question than just a flat number. It depends on

how you classify it, because I know some dealers don’t include body or upholstery, just mechanical. And it depends if you can control your fixed costs such as labor and parts. And if you source parts and can afford to wait on getting the car to the front line to save on a certain part, or if you have the ability to store a few parts cars that you commonly purchase to help lower cost on parts from ‘your own junk yard.’ We do have our own shop to help manage costs and customer retention. “We usually have 80 vehicles in stock and sell 40 a month. “COVID increased online payment processing for collections and down payments, but we still do everything at the store. We have also done more with online applications than we have done in the past to get cus-

tomers answers quickly and get them on the road quicker when they get to the store. A lot can be done online now so when they get to the store it is a smoother process and quicker. “The last deal I did was a young couple with a newborn who saved up 3k and bought a 2016 Honda Accord with 93k miles on it for $14,995.”

OHIO

Joe Kaisk, owner, Magic City Motorcars, Barberton, Ohio “We’ve been in business since 1998. We were in one location up until 2016. Now our service building is just one mile away. “We did a huge upgrade in ‘23-’24. The service building has eight lifts and five techs. Their building is actually nicer than the sales building. “We were already doing

the electronic signatures before COVID. We were trying to stay ahead of the curve. We weren’t afraid to give an appraisal over the phone. We’ve always been open like that. “Our inventory is usually 100-110 vehicles with 65-70 ready to go. The other 30-40 are sitting up at service waiting for various things. Last year we averaged 52 sales a month. “Everything goes through service. I don’t care if it’s got 10 miles or 100,000 miles. I’ve been burned on lowmileage vehicles. There’s a lot of shenanigans with lowmileage cars so we look at every one. “Normally our sales are 55% SUVs, 35% trucks, 10% cars. We have some electrical contractors and landscapers that buy Transits. “For down payments, our subprime customers are

about $1,800, for prime it’s about $3,500. “Our reconditioning average for last year was $1,345 per vehicle. “Generally, we’re looking for 2014 cars and newer. “Everyone says new dealers should be well capitalized, that goes without saying. But you’ve got to have a good CRM system with AI capabilities, you’ve got to have that right from the jump. “You’ve got to have a good lender at least to start with. You should have your own service shop or one close by that you can really trust. You don’t want to lose control of that vehicle. “The last car we sold was an Escape Active AWD with 41,000 miles, and we sold it for $20,995.” (Kaisk was recently named Ohio’s Quality Dealer of the Year).

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FEBRUARY 2026 Find an auction near you to stock your inventory of pre-owned vehicles

ADESA Boston FEBRUARY 13, 27 508-626-7000

Manheim Atlanta FEBRUARY 5, 18, 19 404-762-9211

Manheim New Orleans FEBRUARY 11, 25 985-643-2061

ADESA Charlotte FEBRUARY 5, 19 704-587-7653

Manheim Baltimore Washington FEBRUARY 24 410-796-8899

Manheim Orlando FEBRUARY 3, 10, 17, 24 800-822-2886

ADESA Chicago FEBRUARY 27 847-551-2151

Manheim Dallas FEBRUARY 11, 24, 25 877-860-1651

Manheim Palm Beach FEBRUARY 11, 12 561-790-1200

ADESA Cincinnati/Dayton FEBRUARY 3 937-746-4000

Manheim Denver FEBRUARY 25 800-822-1177

Manheim Pennsylvania FEBRUARY 5, 6, 13, 19, 20, 27 800-822-2886

ADESA Golden Gate FEBRUARY 3, 17 209-839-8000

Manheim Detroit FEBRUARY 19 734-654-7100

Manheim Phoenix FEBRUARY 12, 26 623-907-7000

ADESA Indianapolis FEBRUARY 3, 17 317-838-8000

Manheim Fredericksburg FEBRUARY 26 540-368-3400

Manheim Pittsburgh FEBRUARY 25 724-452-5555

ADESA Kansas City FEBRUARY 3, 17 816-525-1100

Manheim Milwaukee FEBRUARY 11, 25 262-835-4436

Manheim Riverside FEBRUARY 10, 12, 24, 26 951-689-6000

ADESA Lexington FEBRUARY 12 859-263-5163

Manheim Minneapolis FEBRUARY 18 763-425-7653

Manheim Seattle FEBRUARY 4 206-762-1600

ADESA New Jersey FEBRUARY 5, 19 908-725-2200

Manheim Nashville FEBRUARY 10, 11 615-773-3800

Manheim Southern California FEBRUARY 5, 19 909-822-2261

ADESA Salt Lake FEBRUARY 24 801-322-1234

Manheim Nevada FEBRUARY 6 702-730-1400

Manheim Tampa FEBRUARY 5, 19 800-622-7292

ADESA Tulsa FEBRUARY 13 918-437-9044

Manheim New England FEBRUARY 3 508-823-6600

Manheim Texas Hobby FEBRUARY 5, 19 713-649-8233

Columbus Fair FEBRUARY 4, 11 614-497-2000

Manheim New Jersey FEBRUARY 11, 25 609-298-3400

Manheim Atlanta FEBRUARY 19 404-762-9211

Manheim Nashville FEBRUARY 11 615-773-3800

Manheim Pennsylvania FEBRUARY 5, 19 800-822-2886

Manheim Dallas FEBRUARY 24 877-860-1651

Manheim Nevada FEBRUARY 6 702-730-1400

Manheim Riverside FEBRUARY 12, 26 951-689-6000

Manheim Milwaukee FEBRUARY 25 262-835-4436

Manheim Palm Beach FEBRUARY 11 561-790-1200

Manheim Seattle FEBRUARY 4 206-762-1600

Manheim Atlanta FEBRUARY 19 404-762-9211

Manheim Nashville FEBRUARY 11 615-773-3800

Manheim Pennsylvania FEBRUARY 5, 19 800-822-2886

Columbus Fair FEBRUARY 11 614-497-2000

Manheim Nevada FEBRUARY 6 702-730-1400

Manheim Phoenix FEBRUARY 12, 26 623-907-7000

Manheim Dallas FEBRUARY 24 877-860-1651

Manheim Orlando FEBRUARY 3, 17 800-822-2886

Manheim Riverside FEBRUARY 12, 26 951-689-6000

Manheim Milwaukee FEBRUARY 25 262-835-4436

Manheim Palm Beach FEBRUARY 11 561-790-1200

Manheim Seattle FEBRUARY 4 206-762-1600

ADESA Boston FEBRUARY 13, 27 508-626-7000

Manheim Dallas FEBRUARY 25 877-860-1651

Manheim Orlando FEBRUARY 3, 17 800-822-2886

ADESA Charlotte FEBRUARY 5, 19 704-587-7653

Manheim Fredericksburg FEBRUARY 26 540-368-3400

Manheim Pennsylvania FEBRUARY 6, 20 800-822-2886

ADESA Golden Gate FEBRUARY 3 209-839-8000

Manheim Milwaukee FEBRUARY 11 262-835-4436

Manheim Pittsburgh FEBRUARY 25 724-452-5555

ADESA Salt Lake FEBRUARY 24 801-322-1234

Manheim New England FEBRUARY 3 508-823-6600

Manheim Seattle FEBRUARY 4 206-762-1600

Columbus Fair FEBRUARY 4 614-497-2000

Manheim New Jersey FEBRUARY 11, 25 609-298-3400

Manheim Southern California FEBRUARY 5, 19 909-822-2261

Financial Services*

Manheim Atlanta FEBRUARY 18 404-762-9211

Manheim Palm Beach FEBRUARY 11 561-790-1200

Manheim Dallas FEBRUARY 24 877-860-1651

Manheim Pennsylvania FEBRUARY 5, 19 800-822-2886

Manheim Milwaukee FEBRUARY 25 262-835-4436

Manheim Riverside FEBRUARY 12, 26 951-689-6000

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* The tradename Jaguar Financial Group and the Jaguar logo are owned by Jaguar Land Rover North America, LLC (JLR) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Auto finance accounts are owned by Chase. * The tradename Land Rover Financial Group and the Land Rover logo are owned by Jaguar Land Rover North America, LLC (JLR) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Auto finance accounts are owned by Chase. * The tradename Subaru Motors Finance (SMF) and the Subaru logo are owned by Subaru of America, Inc. (Subaru) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase).Auto finance accounts are owned by Chase. * The tradename Maserati Capital USA and the Maserati logo are owned by Maserati North America, Inc. (Maserati) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Auto finance accounts are owned by Chase. * The tradename Aston Martin Financial Services and the Aston Martin logo are owned by Aston Martin Lagonda of North America Inc. (Aston Martin) or its affiliates and are licensed to JPMorgan Chase Bank, N.A. (Chase). Auto finance accounts are owned by Chase. ADESA, Inc. and Manheim Remarketing, Inc. (OVE) are solely responsible for their website content, sales events, promotions, fulfillment, and auction operations, and are not affiliated with JPMorgan Chase Bank, N.A. or its affiliates. JPMorgan Chase Bank, N.A. Member FDIC (2/26) ©2025 JPMorgan Chase & Co.

Wholesale Numbers

USED CAR NEWS

1/19/2026 seg_type -------Car Car Car Car Car Car Car Car Car Car Truck Truck Truck Truck Truck Truck Truck Truck Truck Truck Car Car Car Car Car Car Car Car Car Car Truck Truck Truck Truck Truck Truck Truck Truck Truck Truck Car Car Car Car Car Car Car Car Car Car Truck Truck Truck Truck Truck Truck Truck Truck Truck Truck Car Car Car Car Car Car Car Car Car Car Truck Truck Truck Truck Truck Truck Truck Truck Truck Truck

make_model_name --------------Toyota Camry Honda Civic Toyota Corolla Nissan Altima Hyundai Elantra Nissan Sentra Hyundai Sonata Ford Mustang Volkswagen Jetta BMW 3-Series Ford F150 Chevrolet Silverado 1500 Honda CR-V Toyota RAV4 Chevrolet Equinox Jeep Grand Cherokee Ford Explorer Nissan Rogue GMC Sierra 1500 Subaru Outback Toyota Camry Honda Civic Toyota Corolla Nissan Altima Hyundai Elantra Nissan Sentra Hyundai Sonata Ford Mustang Volkswagen Jetta BMW 3-Series Ford F150 Chevrolet Silverado 1500 Honda CR-V Toyota RAV4 Chevrolet Equinox Jeep Grand Cherokee Ford Explorer Nissan Rogue GMC Sierra 1500 Subaru Outback Toyota Camry Honda Civic Toyota Corolla Nissan Altima Hyundai Elantra Nissan Sentra Hyundai Sonata Ford Mustang Volkswagen Jetta BMW 3-Series Ford F150 Chevrolet Silverado 1500 Honda CR-V Toyota RAV4 Chevrolet Equinox Jeep Grand Cherokee Ford Explorer Nissan Rogue GMC Sierra 1500 Subaru Outback Toyota Camry Honda Civic Toyota Corolla Nissan Altima Hyundai Elantra Nissan Sentra Hyundai Sonata Ford Mustang Volkswagen Jetta BMW 3-Series Ford F150 Chevrolet Silverado 1500 Honda CR-V Toyota RAV4 Chevrolet Equinox Jeep Grand Cherokee Ford Explorer Nissan Rogue GMC Sierra 1500 Subaru Outback

2025-01-01 ---------20250 15650 16800 15500 13800 13000 14900 19300 15000 20450 30800 29000 19700 23400 16500 20500 23100 17000 29000 21050 22000 18850 18000 17500 15050 15000 16350 20700 15950 24000 32800 33500 21300 26000 18650 23500 26100 19100 33500 23700 23000 20450 19900 19000 16350 16500 18800 22000 17200 27150 35100 36900 24000 28250 20000 29200 28400 20700 35500 26300 24350 21600 21200 20500 18050 18000 21050 26550 18550 30250 43000 42700 26500 29750 22850 31900 33200 21700 40500 27600

2025-07-01 ---------19700 14600 16000 14400 12350 13700 14550 18550 14000 20150 29500 29300 19750 23900 15850 19600 22800 17200 29700 21600 21650 17300 18050 17400 15000 15500 16400 20100 15750 24200 35000 33800 21850 26400 17650 22800 26000 19200 33300 24600 23700 18900 20600 20300 16600 17000 19000 22450 17000 28800 37000 35400 25100 28600 19700 28500 28500 21200 36000 27400 25700 19950 21850 21800 17800 18500 20100 26850 19400 30750 42700 39000 27000 29800 23450 30900 31800 22900 40500 29400

2026-01-01 ---------16900 13200 14250 13200 11000 9500 12800 15800 11950 18100 26100 25000 18250 20150 13350 16500 18500 13800 26600 17900 18500 16900 15950 16000 12900 11300 14350 17200 13950 22050 32400 29300 19400 22500 15600 20000 23000 16300 31100 20500 20500 17750 18000 17600 14450 12900 16100 19150 15500 26575 33900 31100 21850 24550 17600 24000 25700 17800 32900 23150 21900 18750 19650 19000 15800 14600 17400 23350 17200 27350 39500 34800 24300 25750 19700 26700 28000 19300 37400 24750

2027-01-01 ---------14850 11425 12200 10875 9175 8225 11400 13675 10125 14000 22700 22175 15075 17750 11975 14750 16200 12625 24200 15150 16675 13850 13525 12725 10475 9750 12775 14825 12025 16575 25950 26350 16775 20075 13900 16975 18825 14200 27900 17625 18450 15475 15900 15750 11925 11225 14175 16675 13450 19625 30200 29125 19850 22200 15575 21375 21700 15700 30275 20500 20225 16925 17725 17600 13775 12800 16100 20300 15250 22150 34150 31450 21725 24225 17500 23125 24775 17300 33700 22550

2028-01-01 ---------12525 9625 10300 9325 7475 7400 9700 11625 8425 11525 19225 18425 12475 15300 9925 12075 12925 10425 21100 12275 14200 11900 11550 10700 8775 8700 11050 12750 10250 13700 22200 22800 14050 17250 11475 14475 15100 11775 24650 14525 15950 13600 13800 13575 10325 10075 12475 14450 11625 16300 26325 25450 17350 19350 13000 18475 18100 13200 27275 17250 17675 15225 15600 15325 12200 11550 14425 17650 13350 18925 29950 27425 19375 21575 15375 20150 20925 15675 30750 19450

Actual Wholesale and Projected Residual Values

my --------2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024

Source: Black Book

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