JANUARY 2026 MARKET UPDATE

January 2026 Market Update

Auction depreciation averaged 2.4% per month in CY2025, well within the historically-typical range. Retail depreciation averaged a very low 1.2% per month.

Auction:

• December 2025 vs. late 2018 pricing: -11.8% (nominal), -31.4% (real)

• December 2025 vs. late 2019 pricing: +34.8% (nominal), +7.0% (real)

Retail:

• December 2025 vs. late 2018 pricing: +11.8% (nominal), -13.0% (real)

• December 2025 vs. late 2019 pricing: +21.6% (nominal), -3.5% (real)