The Manheim numbers dropped yesterday and used EVs are up nearly 12 percent year over year at wholesale. Gas prices up 38 percent versus last May are doing what no incentive program managed to do. They are making used EVs look like a value proposition without any OEM spending a dollar. Meanwhile new EV sales are still soft. So we have a situation where the segment we need customers to buy new is losing ground to the segment we already sold them.

I find it genuinely frustrating that the conversation inside most OEMs right now is still about how to get new EV volume up rather than about what the used EV market is telling us. Customers are finding their own way to electrification through the wholesale channel because the new vehicle value equation does not close for them. That is not a marketing problem. That is a pricing and product problem and no amount of retail incentive adjusts for it.