Canadian Black Book’s Used Vehicle Retention Index for November 2021 jumped to another all-time high of 152.6 points—up 13.2 points compared to October, which is the previous record.
CBB said the increase in November, is “far and away the highest ever month-over-month increase since the Index began in 2005, surpassing last month’s mark of +5.1%.”
The company said that out of 16 of the past 17 months, the index experienced month-over-month growth in average retained values, industry-wide. It also experienced fourteen record months in that timeframe. When compared to November 2020, this year’s index is up 38%—the largest YOY increase. October’s record was 26% compared to the same period in 2020.
“It is exceptional that since the low point in May 2020 at the infancy of the pandemic, we have seen a 65% increase in average retained value across all models in Canada,” said James Hancock, Director of OEM Strategy and Analytics at Canadian Black Book. “The Index graph clearly illustrates how extreme this growth is compared to any other time since CBB began the Index in 2005.”
In November, the compact car category was among the segments with the highest value increase, thanks to a 13.25% monthly increase and 42.15% growth over November 2020. The sub-compact car category also experienced impressive monthly value gains of 12.83%, while compact crossovers/SUVs grew by 12.7%.
“This month saw increases across all segments measured, except premium sports cars which decrease marginally by 0.86%, which can be chalked up to seasonality,” said CBB.
