Bill Nash
President & Chief Executive Officer at CarMax
Yeah, great. Thank you for the questions, Brian. So, yeah, we are pleased with the wholesale growth. I think it's a combination of factors. I think, one, there's a little bit of year-over-year dynamics playing in last year, given where we were, given where we saw sales, things that were going on the marketplace. We actually pulled back on our offers. So I think you've got a little bit of that reflecting in kind of the year-of-year growth. But I also feel really good about the innovation on the product side of things.
So when you think about MAX Offer, one of the things with MAX Offer, we completed this quarter the rollout of our Instant Offer component of it. We still had a few markets that did not have Instant Offer, which meant they had to take pictures of vehicles and then get a value. Now, they have the option to just not take pictures. If they want to take pictures, they still can. So that's some of the innovation there that I think that helps. So we feel really great about the innovation, and as we go forward, it'll probably be dependent more on what's going on in the market dynamics, that kind of thing at any given time. As far as kind of the quarter and just outlook, look, obviously, the industry is still challenged and everybody knows that.
And obviously, our business isn't where we want it to be. But I do think there's some encouraging signs out there. I mean, besides the fact that we have continued to have sequential improvements, we saw a lot of depreciation this quarter, really steep depreciation. And while that causes some headwinds in the near term and it's going to cause some headwinds just in wholesale a little bit and even on the retail side, it's a short-term thing and I think it benefits the overall used car industry and it'll benefit us, because that will continue to come out on front lot prices. You saw we were about $1,300 down this year, year-over-year on sales prices. From an acquisition standpoint, it was more like $1,500, but we had some mix adjustment stuff in there.
So, again, I think the steep depreciation is good Interest rates, if they at least stabilize, I think that's great. I think it's great for the business. I think that'll help. And if they come down, I think that will be kind of extra icing on the cake. Another thing that I would point to is our market share. October, which is the latest period that we've gotten market share data on, is the first month that we've actually comped our market share year-over-year. So I think that's encouraging. And then the other thing I would tell you is, we've talked before about just comps and where the sales might be going. And we've done some analysis with one of the credit bureaus, just trying to understand of the customers that apply for a loan through CAF, where do they go?
And it seems like, from the analysis that we've done, there's a lot of customers that just once they decide they're not buying, they're not buying. So it's almost like there is a -- maybe, hopefully, there's some pent-up demand that I think we'll see as the market comes back. So again -- and I think, while there's some signs of encouragement, yes, the industry is still challenged. We're encouraged by that. And I think taking all of that in consideration, also just bearing in mind, this whole time, we've been working on cost control, becoming more efficient, having better experiences for our customers and our associates, I think all that plays well, too, into the future. So, hopefully, that's helpful.