Along with sharing the previous week’s value movements, Black Book used its newest COVID-19 Market Insights report to delve deeper into projections going into the new year, using the latest wholesale trends and anecdotes from dealers to shape its expectations.
Perhaps of highest importance to used-car managers, analysts are seeing both wholesale volume and retail demand continue to be soft in the auction lanes and store showrooms.
“As a result of the COVID-19 mandates that have recently been going into effect in many parts of the country, along with the toll that COVID has continued to take on the economy this year, dealers are seeing their retail demand suffer,” Black Book said in the newest report.
“We are starting to see an incremental influx of used inventory coming to the marketplace,” analysts continued. “But with weakening demand, we saw a decrease of about 15% in the auction sales rate compared to the summer months.
“It also appears that most of the lease returns and trade-in vehicles never make it to auctions as grounding dealers are keeping the inventory for retail sales,” Black Book went on to say.
Latest value moves
With those observations as a backdrop, Black Book went into a discussion about its newest volume-weighted data, beginning with the car space.
Analysts reported that overall car segment values decreased 0.78% last week, representing a jump above the previous week’s decline of 0.48%.
Black Book indicated values for compact cars now have dropped for 15 weeks in a row. Analysts computed the average weekly decline during that stretch to be 0.92%.
“The luxury segments, especially the high lease volume near luxury segment, are seeing consistent week-over-week declines now that the remarketers have adjusted floors in recent weeks,” analysts said.
“The luxury OEMs typically have very strong upstream sales so what does make it to the auction has typically been picked over and pre-selection of inventory is also contributing to the weekly declines as the available wholesale inventory is in poorer condition,” Black Book continued.
In the truck arena, Black Book volume-weighted data showed overall truck segment values — including pickups, SUVs and vans — nearly produced a decline twice as large as the previous week. Last week’s drop came in at 0.68%, up from 0.38% a week earlier.
Analysts pointed out that smaller crossovers continue to see fairly consistent week-over-week decreases, but the value drops for full-size SUVs and full-size truck accelerated to 0.94% and 0.57%, respectively.
“Full-size trucks have been exceptionally strong since values rebounded over the summer months,” Black Book said. “However, this past week the values started to increase their rate of decline on the 1500 level trucks. In contrast, the 2500 and 3500 models are still not showing any signs of weakness.”
And analysts also made the connection to another value movement in the truck space that is likely connected to the traffic passing through your neighborhood.
“Full-size vans have been trending throughout the pandemic as if all is normal in the market,” Black Book said. “This segment came into the pandemic with lower than normal supply levels so the declines were never as severe and there was no large bounce back since the values didn’t see the same level of decline as most other segments.
“As consumers are finding themselves ordering more and more online, this is increasing the demand on this already low of supply segment, so the expectation for this segment is that values will continue to see little depreciation in the months to come,” analysts went on to say.
Longer-term expectations
With COVID-19 cases and deaths increasing substantially across the country, Black Book is expecting weakness in retail demand and overall cautiousness by dealers to last well into 2021.
“With much weaker retail demand without a second federal stimulus, and a projected increase of used inventory, we forecast a higher than seasonal drop in wholesale prices this winter,” analysts said.
“It is worth noting that after record breaking increases in wholesale prices over the summer, we are still well above pre-COVID-19 prices, so the projected drop over the winter months will simply get us back to the baseline,” they continued.
Even though retail demand is softening, Black Book said that dealers are still reporting that lack of inventory is still a problem.
“Leading up to the Thanksgiving holiday, we saw buyers slow down in their restocking of lots, especially when sellers were holding firm to high floors,” analysts said. “However, this past week we saw dealers return to more active bidding and sellers lowering their floors.”
“High condition scores and low mileage units continue to garner the most attention and bring a premium as dealers are looking for units that are front-line ready,” Black Book continued. “Anything that requires too much reconditioning is a risk that many dealers aren’t willing to take right now with retail demand showing signs of softening.”
One more note on the projection front as Black Book touched on the manufacturing landscape.
“Supply chain struggles have been a problem for OEMs since the onset of the pandemic when production was initially halted and those issues aren’t improving quickly,” Black Book said. “In many places, delays have gotten better, but recent spikes in COVID are leading to more delays.
“The much-anticipated return of the Ford Bronco is one of those vehicles being impacted. We will now have to wait until next summer to see this vehicle hit dealer lots,” analysts went on to say.
There was a “typical” seasonal decline in wholesale prices on a non-adjusted basis during November, and compared to a year ago, Manheim’s index measuring used-car values was up more than 16%.
Separately, a week-by-week analysis from J.D. Power shows continued softening in auction prices following their summertime peak.
According to a report accompanying the latest Manheim Used Vehicle Value Index, November wholesale prices were up 0.07% from October, when adjusting for mix, mileage and seasonality.
The resulting Manheim Used Vehicle Value Index for the month came in at 162.0, which beat the November 2019 reading by 16.6%.
“The non-seasonally adjusted monthly change was -1.2%, which was more in line with what we have been seeing in weekly price trends,” parent company Cox Automotive said in the report.
“The difference between the price metrics is primarily a result of the seasonal adjustment, which essentially left values unchanged from October. The last three years have averaged a 1.2% non-seasonally adjusted decline,” the report continued. “Therefore, this November’s seasonally adjusted value was effectively unchanged.”
Breaking down the wholesale price movement by segment, pickups showed 29.6% growth from November 2019. Luxury cars were up 21.5%, SUV/CUV prices were up 14.3%, compact cars were up 6.4% and vans were up 4.8%. Midsize cars climbed 1.1%.
The total change was a gain of 16.6%.
In a separate analysis, J.D. Power found that the last full week of the month (the week ending Nov. 29) showed a 1.6% decline in auction prices, marking the 15th straight time that auction prices had fallen from the prior week.
But despite being down 10% since peaking in August, auction prices are still 22% stronger than the April low point, J.D. Power analyst David Paris explained in the post from Friday.
What’s more they are still 4% stronger than pre-pandemic levels of early March.
“While (the week of Nov. 29) result was the softest performance since wholesale prices started to move lower, it should be noted that the market did pause in observance of the Thanksgiving holiday, which certainly dampened not only prices but also sales activity,” Paris said.
Black Book explained how the latest movement in its Used Vehicle Retention Index continues to reflect how the wholesale market is behaving in light of pandemic-related impacts.
Black Book reported on Wednesday that its November index reading came in at 130.6, representing a 0.7-point increase from the October mark of 129.9.
“The market level index increased slightly in November,” Black Book senior vice president of data science Alex Yurchenko said in a news release. “Most of the segments depreciated at a slower rate than we have seen in the past at this time of the year.
“The wholesale market is still adjusting to shortages of supply due to abnormally low repossession rates, low levels of rental units remarketing (as rental fleet companies were able to right-size their inventory prior to October), and a decrease of trade-in volume at the auctions (as dealers kept more of that inventory outside of wholesale market),” Yurchenko continued.
“We project the weakening of most of the segments this winter, including full-size pickups, without a substantial second federal stimulus as the economy remains weak and there is an expected increase of used supply,” he went on to say.
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.
The index dates to January 2005 when Black Book published a benchmark index value of 100.0 for the market. During 2008, the index dropped by 14.1% while during 2016, the index fell by just 6.4%.
During 2011, the index rose strongly from 113.3 to 123.0 by the end of the year as the economy rebounded and used-vehicle values rose higher. It continued to remain relatively stable, rising slightly until May of 2014 when it hit a peak of 128.1.
To obtain a copy of the latest Black Book Wholesale Value Index, go to this website.
Thanksgiving turned out to be softer for all involved as Black Book noticed weaker trends on both the wholesale and retail fronts. The observations stemmed from a holiday timeframe typically filled with some of the largest gatherings on the calendar, but derailed this year because of the pandemic.
As Black Book analysts explained it in their newest update, “With COVID-19 cases spiking around the country and last week being a holiday, many dealers saw soft retail demand.
“Due to the Thanksgiving holiday, it was a short week on the lanes,” Black Book continued in its latest COVID-19 Market Insights. “This coupled with weaker retail demand led to a higher no-sale rate.
“However, the vehicles with low miles and good condition continue to garner the most attention, but the ‘edgier’ units with higher miles and rougher condition reports aren’t seeing the same attention they did over the summer,” analysts continued.
“Dealers are saying these units that require extensive reconditioning aren’t worth the risk of overspending and taking too long to turn,” Black Book went on to say.
Perhaps a source of higher-quality inventory could be the off-rental channel. Black Book delved into the predicament facing rental-car companies such as Hertz, which already has filed for bankruptcy and the day before Thanksgiving announced the potential sale of Donlen.
“It’s looking like the holiday season won’t involve as much travel for many families this year, and this is bad news for rental companies that typically see a spike in demand to finish the year,” Black Book said. “This will lead to additional rental units coming to the used market before the end of the year.”
After discussing those overall trends, Black Book dug into how wholesale values moved as auctions, dealers and their customers likely enjoyed some turkey and trimmings.
Beginning with the car segment, Black Book indicated that volume-weighted data showed overall car segment values decreased 0.48% over the last week. That’s above the 0.31% depreciation reading analysts spotted a week earlier since many sellers held firm to floors in the auction lanes.
“Fuel prices continue to be at low levels and that coupled with the change in consumer preferences away from cars is taking its toll on the subcompact car segment,” Black Book said while noting values for these particular units now have dropped for 14 weeks in a row. Analysts computed the average weekly decline at 0.71%.
Also of note among cars, the value behavior of luxury units continues to catch Black Book’s attention.
“The luxury segments started to see increases in weekly depreciation rates two weeks, ago and the trend continued this past week,” analysts said. “Some of the largest luxury sellers held firm to floors longer than the mainstream sellers.
“This strategy led to higher no-sale rates, but values stayed stronger longer than is typical for the time of year,” Black Book continued. “With floors falling that trend is now changing. Look for this to continue as supply from these sellers has increased after weeks of lackluster sales rates.”
Moving on to trucks, Black Book reported that its volume-weighted information showed overall truck segment values — including pickups, SUVs and vans — declined 0.38% last week. That reading is a slight increase in depreciation compared to the previous week’s drop of 0.35%.
Just like their car brethren, Black Book indicated values in the fuel-efficient subcompact crossover segment continues to decline.
This past week, these units led all trucks with a drop of 0.88%. And like in the car space, these smallest crossovers have seen their values soften for 14 consecutive weeks with the same average analysts pegged for sub-compact cars (0.71%).
Furthermore, values for small pickups is in the midst of quite a decline streak, too. Analysts said values for small pickups started to drop 13 weeks ago by an average of 0.51% per week.
“Supply has increased in recent years after Ford and GM returned to the segment, and this increase in supply, coupled with low fuel prices, is pushing prices lower week-after-week,” Black Book said.
Two other tidbits from the latest COVID-19 Market Insights might interest dealers.
“As we head into the holiday buying season, many consumers are turning to online purchasing. This increase in digital purchasing is putting a strain on delivery companies when it comes to finding enough delivery vans, both new and used, to keep up with the increase in deliveries,” Black Book said.
Analysts also added, “You could see fewer Cadillac dealerships around the country in the future. As Cadillac makes their push toward EVs, they are giving dealers a buyout option to give up the Cadillac brand and avoid completing the necessary upgrades and training to become a Cadillac EV dealer.”
Black Book suspects the current surge in coronavirus cases happening nationwide likely will impact one particular segment of the wholesale market.
Analysts pinpointed the specific area in their latest COVID-19 Market Insights report released on Tuesday, saying, “New restrictions have gone into place around the country, and this has and will continue to have an impact on the auction lanes.
“As COVID-19 cases surge and consumers are encouraged to stay home during the holiday season, the rental business is expected to suffer,” analysts continued in the newest report. “We anticipate this will lead to additional volume of rental units hitting the lanes before the end of the year.”
For dealers who like to acquire off-rental vehicles for their inventories, that projection coupled with the latest wholesale value movements might be helpful.
Looking first at Black Book’s volume-weighted car information, analysts determined overall car segment values decreased 0.31% over the last week, an improvement from the depreciation reading of 0.82% they noticed a week earlier.
Black Book said many sellers held firm to floors, especially in they dealer lanes.
Analysts added values of compact cars continue to experience heavy declines week-over-week, softening another 0.61% last week after declining 1.43% during the previous week.
Black Book also noticed another trend in the car space that could benefit high-line dealerships.
“The biggest change in the lanes this past week was the drop in floor pricing by some of the largest luxury sellers, and this was reflected in the adjustments of the luxury segments,” analysts said.
“These segments have been unseasonably strong, with sellers holding out longer on making floor adjustments compared to their mainstream counterparts,” Black Book continued.
Turning next to the truck arena, Black Book’s volume-weighted data showed that overall truck segment values — including pickups, SUVs and vans — dropped 0.38% last week, representing a small update from the previous week’s decrease of 0.35%.
Like what they did when sending cars down the lanes, Black Book indicated luxury OEM consignors adjusted floors last week, too, as evident by the value softening of compact luxury crossovers of 0.70%. A week earlier, analysts said those particular units dipped by just 0.20%.
Black Book closed by touching on units many dealers seek when working the lanes.
“Full-size pickups have been a strong spot in the market due to limited new inventory, but week-over-week depreciations are showing small signs of increasing,” analysts said, noting that these values dropped by 0.39% last week after sliding 0.30% a week earlier.
As highlighted in this recent profile of him in Auto Remarketing, KAR Global chief economist Tom Kontos knows what a constant beat is.
And in this case, it’s wholesale prices continuing to soften while remaining above year-ago and pre-COVID-19 readings.
According to KAR Global Analytical Services’ monthly analysis of wholesale used-vehicle prices by model class, wholesale prices in October averaged $12,478. That reading is 3.5% lower compared to September, but it’s 10.1% higher compared to the pre-pandemic level seen in February and 12.0% higher relative to October of last year.
“Average wholesale used vehicle prices fell from their August peaks for the second month in a row in October,” the prolific drummer said in the latest installment of the Kontos Kommentary.
“Dealer demand has dropped largely because inventories of new and used vehicles have started to rebound, giving franchised dealers in particular, more selection to offer retail customers,” Kontos continued.
“Retail used-vehicle sales, in turn, have slowed as stimulus money has evaporated. Nevertheless, prices overall remain up by double-digits on a year-over-year basis and versus pre-COVID,” he went on to say.
And like he does on constant cadence as well, Kontos took a deeper look at 3-year-old midsize cars and SUVs/CUVs.
When holding constant for sale type, model-year-age, mileage and model class segment — using criteria that characterize off-lease units — he discovered prices increased a year-over-year basis in October for those specific midsize cars and SUV/CUVs.
Values for those particular cars rose $1,124 or 9.6% to $12,822 while prices for those specific SUVs/CUVs climbed $1,721 or 8.6% to $21,768.
KAR Global Wholesale Used-Vehicle Price Trends
| |
Average |
Price |
($/Unit) |
|
Latest |
Month |
Versus |
| |
Oct. 2020 |
Sept. 2020 |
February 2020 |
Oct. 2019 |
Prior Month |
Pre-COVID-19 |
Prior Year |
| |
|
|
|
|
|
|
|
| Total All Vehicles |
$12,478 |
$12,928 |
$11,338 |
$11,136 |
-3.5% |
10.1% |
12.0% |
| |
|
|
|
|
|
|
|
| Total Cars |
$9.013 |
$9,348 |
$8,361 |
$8,304 |
-3.6% |
7.8% |
8.5% |
| Compact Car |
$6.581 |
$6,819 |
$6,535 |
$6,248 |
-3.5% |
0.7% |
5.3% |
| Midsize Car |
$7,545 |
$7,910 |
$7,317 |
$7,093 |
-4.6% |
3.1% |
6.4% |
| Full-size Car |
$8,315 |
$9,036 |
$7,765 |
$7,734 |
-8.0% |
7.1% |
7.5% |
| Luxury Car |
$14,737 |
$15,075 |
$12.660 |
$13,134 |
-2.2% |
16.4% |
12.2% |
| Sporty Car |
$16,712 |
$17,470 |
$13,874 |
$13,769 |
-4.3% |
20.5% |
21.4% |
| |
|
|
|
|
|
|
|
| Total Trucks |
$14,936 |
$15,461 |
$13,530 |
$13,224 |
-3.4% |
10.4% |
12.9% |
| Minivan |
$8,267 |
$8,963 |
$8,286 |
$7,900 |
-7.8% |
-0.2% |
4.7% |
| Full-size Van |
$13,134 |
$13,793 |
$13,183 |
$13,102 |
-4.8% |
-0.4% |
0.2% |
| Compact SUV/CUV |
$10,874 |
$11,242 |
$10,490 |
$10,917 |
-3.3% |
3.7% |
-0.4% |
| Midsize SUV/CUV |
$13,497 |
$14,106 |
$12.750 |
$11,702 |
-4.3% |
5.9% |
15.3% |
| Full-size SUV/CUV |
$16,168 |
$16,717 |
$16,360 |
$14,847 |
-3.3% |
-1.2% |
8.9% |
| Luxury SUV/CUV |
$20,844 |
$21,104 |
$18,714 |
$18,492 |
-1.2% |
11.4% |
12.7% |
| Compact Pickup |
$14,296 |
$15,162 |
$11,267 |
$10,917 |
-5.7% |
26.9% |
31.0% |
| Full-size Pickup |
$20,583 |
$21,442 |
$16,386 |
$16,300 |
-4.0% |
25.6% |
26.3% |
Source: KAR Global Analytical Services.
While so much of what is impacting our daily lives nowadays can change quite quickly, Black Book is seeing the wholesale value and volume world settle into traditional seasonal patterns — at least for now.
Before elaborating about specific vehicle-value movements, here’s how analysts summed up the scene in their latest COVID-19 Market Insights distributed on Tuesday.
“Sales rates ticked up slightly last week, even though many lanes saw sellers holding firm to floors,” Black Book said in the report.
“Overall remarketer sentiment is that their expected volumes will be remaining low, so they aren’t feeling the need to lower floors right now,” analysts added.
Looking deeper at value trends beginning in the car space, Black Book’s volume-weighted data showed overall car segment values softened 0.82% compared to the previous week, slightly less than the depreciation of 0.84% experienced the week prior.
“The adjustments this past week were very similar to recent weeks,” analysts said.
Leading the declines among cars again were compacts, sliding by another 1.43% last week.
In a change of pace from recent weeks, Black Book pointed out that subcompact cars slowed their rate of decreases to 0.42%; a reading less than half what analysts determined a week earlier when those units dropped by 1.07%.
Also of note, Black Book said, “Luxury segments have seen sellers holding firm to floors and experiencing high no sale rates. This has kept the weekly depreciation rates in these segments lower than is typical for the time of year.”
Moving on to trucks, Black Book’s volume-weighted information indicated values in the overall truck segment — including pickups, SUVs and vans — declined 0.35% last week. That’s not quite as much as the decrease in depreciation registered a week earlier when analysts pinpointed it at 0.52%.
The decrease for minivans at 0.77% more than doubled the overall segment reading. Black Book explained why.
“Minivans are a niche market that has seen demand faltering in recent years. The segment has been seeing consistently large declines week-over-week,” analysts said.
Black Book noticed that the small-pickup segment more than doubled the overall truck decline, too. Again, Black Book was there to explain what happened.
“For years, this was a segment with few players,” analysts said. “But as GM and Ford returned to this market, the supply has increased and consumers are still demanding their larger siblings in the full-size truck segment, especially with fuel prices remaining low.”
Uneven floors aren’t good for a house as far as its construction or current state.
And uneven floors potentially are causing some issues for dealers at the auction, too, as mentioned in the latest COVID-19 Market Insights from Black Book.
Black Book reported the continued seasonal decline in values for both cars and trucks, while analysts dissected what remarketers are doing with their units, which in some cases are actually running down the lanes again.
“With the exception of select trims and models that have seen lower demand, remarketers have reported taking a break from dropping floor values,” Black Book said in the report.
“However, volume has been increasing so it is expected that floor adjustments will be required again before the end of the year,” analysts added.
That projection arrived after Black Book noticed a “significant” drop in sold volume in both September and October on a month-over month and year-over-year comparison. Analysts pointed out that many remarketers were not willing to adjust price floors during that timeframe.
Black Book also said rental companies pulled back on de-fleeting in case vehicles were needed in areas impacted by hurricanes. And analysts added that repossession volume still remains uneven because of pandemic-created impacts.
What about the most recent value movements? They’re continuing to move lower at a pace Black Book has seen for much of the past several weeks.
Beginning with volume-weighted car information, the update showed overall segment values decreased 0.84% over the past week; a bit more than the decline of 0.78% analysts saw a week earlier.
The mainstream subcompact, compact and midsize car segments continue to experience the largest depreciations each week, with their latest drops coming in at 1.07%, 1.30% and 1.19%, respectively, according to the report.
Also of note, Black Book mentioned sporty cars continue their traditional seasonal declines with a slight increase in depreciation this past week, sliding another 0.77% after softening 0.72% during the prior week.
Moving over to the truck segments, Black Book volume-weighted information showed values for the overall segment (including pickups, SUVs and vans) decreased 0.52% last week, nearly mirroring the prior week’s drop-off of 0.50%.
Analysts discussed minivans in more details after values for those family haulers dropped 1.35% to lead all truck segments.
“Minivans have been on a wild ride throughout the pandemic,” Black Book said. “Most segments fell and have experienced a strong rebound before stabilizing, but Minivans is one segment that never rebounded to a level above this same time last year.
“With these low retail prices, it is no surprise that we’ve seen week-over-week declines increasing,” analysts continued.
Black Book also touched on one of the most popular segments — full-size pickup trucks — as depreciation for those units came in at 0.33% last week, similar to the prior week’s dip of 0.31%.
Dealerships began November coming off a month of softer retail demand, but Black Book said most dealers are reporting it as typical seasonal softening.
Black Book also mentioned that retail inventory levels currently sit about 12% lower than the start of the year.
With prices cooling like the weather, are dealers stocking up on units even if demand is in the downward part of the sales cycle?
“Volume is starting to grow, and remarketers are adjusting their floors on certain models and trims that are experiencing increasing supply,” Black Book said in this week’s COVID-19 Market Insights.
“The big buyers (CarMax, Carvana, etc.) took a backseat to their buying frenzy for the last few weeks, but this past week, we saw them get back in the game. As prices continue to trend down, they are taking the opportunity to secure more inventory,” Black Book continued.
Black Book indicated overall wholesale values dropped for the eighth week in a row as declines for both cars and trucks topped readings analysts spotted a week earlier.
Beginning with the car space, Black Book’s volume-weighted data showed overall car segment values dropped by 0.78% over the past week, a slight uptick in depreciation from the 0.74% decrease analysts recorded during the prior week.
Values for compact cars slid the most, dropping by 1.14%, as midsize car values decreased by a similar rate (down 1.11%).
Also of note with many areas of the U.S. sustaining their first snowfall of the season, analysts watched values for sporty cars sink 0.72% this past week, coming off a timeframe when the decline was just 0.09%.
In the truck world, Black Book determined via its volume-weighted information that overall values in the truck segment (including pickups, SUVs and vans) dropped by 0.50% last week, exceeding the depreciation decline registered a week earlier of 0.39%.
“As with the car segments, the mainstream, fuel-efficient segments are losing value the fastest,” analysts said while pointing to subcompact and compact crossovers both sliding by more than 0.85%.
“Minivans are also experiencing consistent week-over-week declines that are typical for this time of year as rental companies’ de-fleet and retail demand softens,” analysts added about those particular units that slipped in value by 0.60%.
Full-size pickups typically can transport heavy loads with relative ease.
And those units evidently can carry wholesale prices for an extended stretch, too.
On Monday, Black Book released its Used Vehicle Retention Index for October, pointing out how the movement might have been more pronounced if not for the influence of those full-size pickups.
The October reading came in at 129.9, dipping just 0.9 points from September.
“The market level Index decreased slightly in October,” Black Book senior vice president of data science Alex Yurchenko said in a news release. “Without the strength in the full-size pickup segment, the market level decline would’ve been significantly sharper.
“We project the continuation of weakening of most of the segments, including full-size pickups, in the next several months as the economy remains weak and there is an expected glut of used supply,” Yurchenko continued.
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 a percent of original typically equipped MSRP. It is weighted based on registration volume and adjusted for seasonality, vehicle age, mileage and condition.
The index dates to January 2005 when Black Book published a benchmark index value of 100.0 for the market. During 2008, the index dropped by 14.1% while during 2016, the index fell by just 6.4%.
During 2011, the index rose strongly from 113.3 to 123.0 by the end of the year as the economy picked up steam and used vehicle values rose higher. It continued to remain relatively stable, rising slightly until May of 2014 when it hit a peak of 128.1.
To obtain a copy of the latest Black Book Wholesale Value Index, go to this website.
