DETROIT -- Tighter new- and used-vehicle supplies and increased retail demand helped push the Manheim Used Vehicle Value Index to another record in April.
The index, which measures used-vehicle prices, stood at 126.6 last month, up from 124.2 in March and 120.7 in April 2010. The previous record was set in January 2011 at 124.9.
“Wholesale used vehicle prices are also now being supported by the new-vehicle market’s tight inventories, steady demand and higher net transaction prices,” Manhiem said in its monthly commentary.
The index started in January 1995 at 100 and is adjusted for vehicle mileage, model mix and time of year.
Citing data compiled by CNW Marketing Research, Manheim said used-vehicle sales by franchised and independent dealers rose to 7,158,917 units in the first four months of 2011, up 10 percent from the year-earlier level. Sales rose 14 percent to 2,650,619 in April.
Manheim also said certified used-vehicle sales are on pace to set a new record in 2011.