Wholesale values are a key input for dealer acquisition strategy, and Black Book’s latest data shows the market cooling modestly as the industry moves past peak spring selling season. Black Book’s seasonally adjusted Used Vehicle Retention Index dipped 0.1% (0.1 points) in June 2026, landing at 147.3, down slightly from May’s 147.4 and 0.5% below June 2025 levels.
According to Laura Wehunt, Black Book’s vice president of data & analytics, the decline reflects a return to more typical depreciation patterns following the extended spring selling season. Performance varied by segment: Full-Size Cars held up well, posting gains both month-over-month and year-over-year, while Full-Size Pickups and Full-Size Vans saw sharper depreciation. Wehunt also pointed to rising OEM incentives on new vehicles as a factor pressuring values on late-model used inventory, particularly where new-vehicle competition has intensified.
The Index tracks Black Book’s Wholesale Average values on two- to six-year-old vehicles as a percentage of original MSRP, adjusted for seasonality, age, mileage, and condition.
That segment-level divergence means depreciation trends are playing out unevenly across the wholesale market this month, with full-size trucks and vans seeing steeper declines than the broader index and OEM incentive activity adding pressure to late-model used values in segments where new inventory is more competitive.
