LAWRENCEVILLE, Ga. -

So much for an extended reprieve from soaring wholesale prices.

Black Book reported on Tuesday that its Used Vehicle Retention Index for August nearly hit a new record for the second time in the past three months.

The August reading turned out to be the second-highest Black Book has recorded, as the index increased 3.9 points or 2.4% from July to come in at 165.7 points.

Analysts noted the all-time high came in June at 166.0. Still the August index reading is 28.5% above where it was at the same time last year.

“After a brief break in July, wholesale prices started to increase at the end of August as the industry came to the realization that the new inventory shortage will worsen in the fall,” Black Book chief data science officer Alex Yurchenko said in a news release. “Dealers accelerated the acquisition of used inventory in anticipation of emptier new vehicle lots.

In addition to the chip shortage, Hurricane Ida flooded large portions of the Southeast and Northeast, potentially aggravating inventory problems. We anticipate prices to remain strong at least through October,” continued Yurchenko, who is one of the scores of experts and executives scheduled to appear during Used Car Week, which begins on Nov. 15 at the Red Rock Resort in Las Vegas.

The Black Book Used Vehicle Retention Index is calculated using Black Book’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.