22 Months of Wholesale Declines, Carvana Tax Credits, Google’s Advanced Protection

The Automotive Troublemaker w/ Paul J Daly and Kyle Mountsier

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We’re rolling through the middle of the week as we cover Cox Automotive’s June wholesale price data and its warnings about lease maturities. Plus, Carvana is now offering used EV tax credits at checkout and Google is making it easier to have advanced account protection.

Show Notes with links

• Used-vehicle wholesale prices experienced a decline in June, continuing a downward trend observed over the past 22 months, according to Cox Automotive.
  • Non-adjusted prices decreased 2.2% from May and were down 10% year-over-year.
  • Retail sales disruptions from CDK outages impacted the market, but declines slowed to a normal pace by month-end.
  • Seasonally adjusted prices were down YoY as well. Luxury vehicle prices dropped 9.9%, SUVs and crossovers 9.3%, Compacts 12%, Midsize 11%, pickups 8.3% and electric vehicles 17%.
  • The availability of 3-year-old vehicles decreased due to fewer off-lease returns, affecting auction supply. Cox forecasts a 12% decrease in lease maturities in Q3, potentially dropping 17-18% in Q4.
  • "This is a pattern that is not going to go away for the next two years, and we'll likely be dealing with it through 2026," said Jeremy Robb, senior director of economics and industry insights at Cox Automotive

• Carvana is now offering up to $4,000 off at checkout for eligible used EVs and plug-in hybrids, advancing the federal tax incentive so customers can benefit immediately rather than waiting for tax refunds.
  • Discounts are available on Carvana’s app or website for vehicles with a green tax credit banner.
  • Customers must file IRS Form 8936 and transfer the credit to Carvana when filing taxes.
  • This comes as the House of Representatives Ways and Means Committee voted in favor of a bill that would undo federal EV tax credits, arguing they benefit Chinese companies.

• Google has simplified the process for securing high-risk accounts with its Advanced Protection Program. Now, users can enroll using just a passkey instead of the previously required two physical security keys.
  • The program targets high-risk users like political campaign workers and journalists.
  • Originally, two physical security keys were needed to activate and log in.
  • Users can now set up the program with a single passkey using biometric authentication on Pixel or iPhone devices.
  • Setup is streamlined: visit the Advanced Protection Program page, follow the steps, and choose a passkey or security key.
  • Google also requires recovery methods such as a phone number and email address.

Hosts: Paul J Daly and Kyle Mountsier
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