LAWRENCEVILLE, Ga. -

It probably should not be a surprise that the Black Book Used Vehicle Retention Index for October hit a new record since analysts said earlier this week that wholesale prices have risen for nine weeks in a row.

Black Book shared its newest index reading on Wednesday, saying it jumped by 10.8 points or 6.4% to 180.2 in October. That’s up from the September mark of 169.5, which was the previous record.

Black Book added that the index currently stands 38.8% above where it was this same time last year.

“With no short-term resolutions to new inventory problems, dealers are continuing to spend money on used inventory, pushing wholesale prices up to new records across all segments in October,” Black Book chief data science officer Alex Yurchenko said in a news release.

“As in September, cars of all sizes and compact crossovers led the rally,” continued Yurchenko, who is among the experts set to appear during Used Car Week, which begins on Nov. 15 in Las Vegas. “Average price of a used vehicle is 39% above 2020 levels and 56% above the pre-COVID 2019 level.

“Although we don’t expect this level of prices to be sustainable for the long-term, we expect the used-car market to remain strong for several years due to limited new inventory and reduced availability of used supply,” he went on to say.

The Black Book Used Vehicle Retention Index is calculated using the company’s published wholesale average value on 2- to 6-year-old used vehicles, as percent of original typically equipped MSRP. It is weighted based on registration volume and adjusted for seasonality, vehicle age, mileage and condition.

To obtain a copy of the latest Black Book Wholesale Value Index, go to this website.