Inside the Machine: Manheim (Oct. 12, 2025)

Welcome to the latest episode of Confessions of an Insider.

This week was a monumental, multi-day intelligence mission into the heart of the wholesale auto market. We went from the breaking data to an exclusive, on-the-record Q&A with the industry’s top economist, culminating in an exposé on the machine itself. This episode connects all the dots from our biggest week of reporting yet.

Here is what we’re covering:

BREAKING ANALYSIS: The Manheim MUVVI Report

• We break down the latest MUVVI data, which reveals a dangerous disconnect: wholesale prices are holding stubbornly high, completely defying the reality of weakening retail demand.

Our Q&A Answered by Cox Automotive’s Chief Economist

• Listen to the raw audio of our question and the bombshell, on-the-record answer from Jonathan Smoke, who confirmed “record level” repossessions are being driven by the “Negative Equity Trap” and the “Student Loan Budget Shock.”

SATURDAY SELECTION: Inside the Manheim Machine

• Our special investigation pulls back the curtain on the company that controls the price of nearly every used car in America, connecting the wholesale data to the final price you pay.

For the full, in-depth analysis and the exclusive audio, listen to the full podcast episode embedded on this page.