Coming off the fourth record year in a row for certified sales, the market is at an all-time high.

That’s according to analysts at Edmunds.com, whose latest Used Vehicle Market Report shows that 2014 CPO sales hit an all-time record of 2.3 million.

Interestingly, though it wasn’t a record year for used-car sales overall, the CPO market, in particular, soared in 2014.

According to Edmunds’ report, CPO sales made up 20.8 percent of total used-car sales at franchised dealerships last year.

Its analysts said this is the highest percentage since CPO programs were introduced.

And CPO progress isn’t expected to slow down anytime soon, due in part to the expected influx of off-lease vehicles to hit the used market.

"We fully expect CPO popularity to continue throughout 2015 because many leased cars are being returned to the dealership in excellent shape and lightly used cars are being traded in at faster rates than in previous years. This allows dealers to maintain a large CPO inventory," explained Edmunds.com senior analyst Jessica Caldwell. "Car shoppers are finding a great selection to choose from, and, in the current economy, many are comfortable spending a bit more for that extra peace-of-mind that a CPO car brings."

Edmunds’ report also covered the used-car market in 2014 as a whole, and their findings show expanding supply may not have as much of an impact on used pricing as some suspect.

According to the report, even though there are more used cars in the marketplace than in recent years, retail prices have remained high.

In 2014, there was a 6-percent increase in used prices, year-over-year. The average price of a used vehicle sold at a dealership last year was $16,800, compared to $15,900 in 2013.

In 2014, the average 1-year old vehicle — a prime vehicle age for CPO programs — sold for almost $30,000, which is 5.7 percent higher than in 2013.

"Lightly used cars are very appealing to car shoppers since they are equipped with modern technology and have already taken their biggest depreciation hit," said Caldwell, who pointed out that 19 percent of used vehicles sold in 2014 were 1 or 2 years old, up from 14 percent in 2013.

Rapidly dropping gas prices also played a role in boosting average retail used-car prices, Edmunds analysts pointed out.

According to the report, lower gas rates drew consumers toward larger, less fuel-efficient vehicles, which tend to tout higher price tags.

Also, as lower interest rates were more prevalent and longer loan-terms became the norm last year, shoppers were able to purchase more expensive used vehicles.