Manheim Used Vehicle Index At Record High

From today's report from Manheim Consulting:

"Wholesale used vehicle prices rose again in May. The Manheim Used Vehicle Value Index for May was a record 121.0, which represented a 10.9% increase from a year ago (see chart above). May's strength was driven, in large part, by vehicles in the lower and middle price tiers, but prices for late-model vehicles also remained strong as they were helped by low levels of new vehicle inventory."

From a previous Manheim Consulting report:

"Some analysts have suggested that the rapid rise in wholesale used vehicle pricing is a precursor to an improvement in new vehicle sales and may even point to a recovery in the overall economy."

MP: The Manheim Used Vehicle Index has now risen for six straight months, has risen every month since January 2009 except for one (October 2009).  From close to an all-time low of 98 in December 2008, the index is now at the highest-ever level in the history of the gauge of wholesale used vehicle prices going back to 1995.  It's one more V-shaped indicator of an economic rebound.