Wholesale values in August experienced the biggest increase since 2011, as Black Book’s Used Vehicle Retention Index was up 1.4% month-over-month.
One of the biggest factors that contributed toward this rise was the strength of the midsize car segment, which has seen an increase in market share in 2018. Car segments in general have had a strong showing in 2018, as depreciation for non-luxury cars has been low this year; but midsize cars in particular have seen stronger sales, according to Black Book.
“No doubt, many sedan segments in the used market are defying expectations this summer, with demand increasing due to improving job market and more consumers seeking affordable personal transportation,” said Anil Goyal, executive vice president, operations. “August is usually a down market from a season perspective.”
Along with compact and midsize cars, compact and mid-size SUVs also aided August’s used vehicle values.