11.07.2023
CBB Index Decreases –1.0% in October
Candian wholesale market decreasing at a faster pace in early Q4
Canadian Black Book today released its Used Vehicle Retention Index for September 2023, which sits at 155.2 points (a -1.0% MOM decrease). Year-over-year, the Index decreased –2.1%.
Click here to obtain a copy of the Index.
“The Canadian wholesale market has been decreasing at a faster pace early on in Q4. This is expected to continue in at least the short term as the gap to the US market has narrowed and the US market has resumed larger than typical decreases post UAW strike,” 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, 10 segments saw growth, with Minivan (+1.10%) and Sporty Car (+0.76%) increasing the most. Compact Van (-4.09%) and Compact Car (-1.79%) decreased the most.
Sporty Car (+6.31%) also saw the largest year-over-year increase. Full-Size Van (-9.13%) 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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