10.05.2023
CBB Index Decreases –0.2% in September
Index sinks to its lowest level since November 2021
Canadian Black Book today released its Used Vehicle Retention Index for September 2023, which sits at 157.1 points (a -0.2% MOM decrease). Year-over-year, the Index decreased –2.2%. Click here to obtain a copy of the Index.
“While the Canadian Vehicle Retention Index has been relatively flat this year, The US index has been falling. As the gap between the two have narrowed, we begin to see some downward pressure on Canadian wholesale that will likely continue for the rest of the year,” says David Robins, Principal Automotive Analyst and Head of Canadian Vehicle Valuations at Canadian Black Book.
The Index peaked in March of 2022 at 165 Index points. Preceding the March peak was a run of unprecedented growth in used values beginning in the late summer of 2020, when the Index was as low as 100.5 points.
Month-over-month, only 6 segments saw growth, with Small Pickup (+2.41%) and Minivan (+1.17%) increasing the most. Full-Size Van (-3.38%) and Compact Van (-2.27%) decreased the most.
Sub-Compact Car (+6.43%) also saw the largest year-over-year increase. Compact Van (-9.41%) saw the largest year-over-year decrease.
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 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 offers an accurate, representative, and unbiased view of the strength of today’s used vehicle market values. The Index dates to January 2005, where the Canadian Black Book published a benchmark index value of 100.0 for the market.
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