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Canadian Black Book’s Used Vehicle Retention Index reached an all-time high in September with 109 points — up 1.6 points from August, demonstrating a “dramatic” rebound of used car values that started when COVID-19 lockdown measures were eased.

“The surge in demand, combined with a widespread shortage of vehicles, have boosted the index to this new record high,” said CBB in its report.

The September record represents a 1.5 per cent gain from the previous month, and a 0.7 per cent gain (0.8 index points) year-over-year. CBB said the index has now regained whatever it had lost since February due to the impact of the pandemic.

“In September, many segments are still in the recovery phase from the value decline which began in February,” said CBB. “The index fell during that period by 7.8 index points or 7.2 per cent of its value, which was a remarkable and unprecedented decline in wholesale values, a record month-over-month loss at the time.”

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