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Declines in Manheim Market Report (MMR) prices accelerated over the last two weeks of March and the first two weeks of April but then started to decelerate over the final two weeks of April. April saw a decline of about 10% in the Three-Year-Old Index. Given the unprecedented downturn in sales and market disruption that the industry experienced because of the COVID-19 pandemic, the declines initially observed in MMR values at the vehicle level and at all aggregation levels did not fully reflect the declines occurring in the relatively limited number of sales transactions taking place.