Black Book’s Used Vehicle Retention Index ticked higher in May, capping an unusually long spring run even as the wholesale market began to normalize.
The index reached 147.4 for the month, up 0.6% from April but down 1.3% from a year earlier. The modest monthly gain reflected demand that held up later into the season than usual: Black Book noted the spring market stretched roughly 15 weeks this year, compared with a six-week average before the pandemic.
That sustained strength kept wholesale conversion rates solid through most of May, though analysts said values started showing signs of cooling toward month’s end. Looking ahead, Black Book expects depreciation to pick up as the market moves out of its spring selling season, with consumer confidence, fuel prices, and geopolitical uncertainty all shaping demand in the months to come.
For independent dealers, the numbers describe a market that remains historically firm but has moved past its spring peak. Depreciation typically accelerates over the summer, and with off-lease volume building in the back half of the year, retention values are widely expected to ease from here.
