CBB’s March Index Smashes All-Time Industry Average Used Values
April 20 2021
Index Has Increased for Nine Consecutive Months
Canadian Black Book, the provider of Canada’s industry leading used vehicle valuation data and residual value forecast solutions, release its Used Vehicle Retention Index for March 2021. The Index hit 118.6 points, which is another all-time record, eclipsing the previous record by an impressive 4.6 points, which was just last month at 114 Index points.
“This monthly industry average value increase is unprecedented in the history of Canadian Black Book’s Index. What’s also impressive, is that sizable gains have been recorded in all segments we measure, with the Car segments having the largest increases on average.” said David Robins, Principal Automotive Analyst and Head of Canadian Vehicle Valuations at Canadian Black Book.
The Index for March 2021 is siting +4.1% higher compared to February, which is the largest month-over-month increase ever, eclipsing the previous monthly increase record of +3.6%, from August 2020. The largest monthly gainers were Full-Sized Car with a sizable increase of +8.43%; Sports Car at +5.6% and Compact Cross-Over/SUV at +5.3%.
The Canadian Black Book Used Vehicle Retention Index is calculated using CBB’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. The Index offers an accurate, representative, and unbiased view of the strength of today’s used vehicle market values. The Index dates to January 2005, where Canadian Black Book published a benchmark index value of 100.0 for the market.