The used-car industry is seeing some easing in the volumes of late-model vehicles at auction, according to the latest Guidelines report from J.D. Power Valuation Services.

Through two months of the year, late-model auction volume is down 5.8 percent, the report said. In February alone, it was down 11.5 percent year-over-year.

Last month’s late-model volume was also down 8.8 percent from January, J.D. Power said.

Many of the late-model vehicles in the used-car ecosystem, at least recently, have been vehicles coming out of leases.

Cox Automotive is anticipating 3.89 million off-lease units in 2018, which would be up from 3.59 million in 2017. While that’s more than an 8-percent hike, the growth in off-lease volume is slowing down a bit.

Off-lease volume in 2017 was up more than 16 percent, following a gain of more than 22 percent in 2016, according to data in a Cox Automotive presentation. Still, 2018 is expected to be a record year for lease returns, according to Edmunds.

It could also be another record year for certified pre-owned sales, helped in good part by that off-lease volume, which tends to be the bread-and-butter of CPO inventory.