McLEAN, Va. -

NADA Used Car Guide pinpointed just how much more wholesale prices for used cars and light trucks up to 8 years in age increased in March than they did in February.

Analysts pegged the March jump at 3.7 percent, well above February’s 2.2-percent increase. NADA UCG executive automotive analyst Jonathan Banks explained what happened in the April edition of Guidelines.

“Harsh weather in January and February compelled dealers to bid aggressively and play inventory catch-up in preparation for the traditional spring bounce in consumer demand,” Banks said.

Banks also mentioned late-model volume continued to fall while dealer activity was heating up, adding further buoyancy to prices.

“These unique factors pushed NADA’s seasonally adjusted used-vehicle price index to 127.0, a new all-time high,” Banks said about the index that measures the change in used-vehicle prices up to 8 years old.

NADA UCG noted that upward price movement was greatest for the segments experiencing the biggest declines in auction volume.

The number of auction transactions for compact cars, midsize cars and midsize vans fell by respective averages of 4.5 percent, 4.9 percent and 9.7 percent. Correspondingly, analysts determined prices for the three segments improved by an average of 4.4 percent.

Analysts went on to mention the large pickup truck segment was one of the few mainstream groups to have a sales increase last month, up 5.8 percent.

“Following years of price appreciation, first-quarter results indicate little waning in demand for the large pickup segment,” Banks said.

Furthermore, Banks indicated luxury utility prices grew by an average of 1.3 percent and luxury car prices recorded a 1.2-percent lift, “which is normal for the month of March over the last five years.”

NADA UCG’s forecast for April points to prices falling 1.8 percent to 2.2 percent compared to March by month’s end, which is higher than both the 1.7-percent drop recorded in April last year and the 1.2-percent decline averaged for the month of April over the last 10 years.

“Prices are expected to be softest for many of the segments that experienced the biggest price increases in March — midsize cars, SUVs and minivans, and to a lesser extent, compact cars and compact SUVs,” Banks said.

Banks added that luxury car prices should drop “at the higher end of the predicted range, while prices for pickups are expected to slip the least during the month.”

The entire April edition of Guidelines can be found here.