LAWRENCEVILLE, Ga.—Demand for used cars continues to be strong as the nation works to reopen for business, reports Black Book.
The company’s Used Vehicle Retention Index for July (126.0) showed a +10.9 point change from June (115.1).
“July’s growth in the Retention Index broke the month-over-month increase record set just a month earlier,” said Alex Yurchenko, senior vice president, data science at Black Book. “Wholesale prices showed tremendous strength for the second month in a row due to shortages of used and new inventory, together with a strong demand fueled by the first round of federal stimulus payments.”
The Index is now at its highest point since April 2015.
As CUToday.info reported here, Hertz has announced plans to put 182,000 of its rental vehicles up for sale before year end.
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 a percentage 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.