LAWRENCEVILLE, Ga.—Demonstrating that the auto workers prolonged strike this year did not have a large effect on production as many expected, used values declined in November, according to Black Book.
The company’s s Used Vehicle Retention Index for November decreased 4.7% (7.5 points) to 153.5 from October 2023 (161.0), which is 10.5% below where it was at the same time in 2022.
The Index sits 34% above the March 2020 reading – the last pre-Pandemic month.
“Reversing the stability in October, wholesale sale prices declined substantially in November across all segments and age buckets,” said Alex Yurchenko, chief data science officer at Black Book. “With the United Auto Workers strike behind us and new sales going strong, the used market went into a correction phase – we had four weeks of declines exceeding 1%. Conversion rates at the auctions improved as remarketers wanted to move the inventory quicker. We expect the same trend to continue through the end of the year as declining used vehicle prices will stimulate healthier consumer demand.”
How Index is Calculated
The Black Book Used Vehicle Retention Index is calculated using Black Book’s published Wholesale Average value on two- to six-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, click here.
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