For the third month in a row, Canadian Black Book’s used vehicle retention index didn’t fall.

But it didn’t rise, either.

The CBB index for September came in at 136.0 — no change from August — marking the first time the index has not fallen for three consecutive months since January, February and March of 2022.

The 2022 streak was the end of the index’s record rise created by the COVID pandemic, reaching its all-time high of 165.0 in March 2022. That run of unprecedented growth in used values began in the summer of 2020, when the index dropped to 100.5.

While the index has gained 0.7 points over the past three months, it’s still down 13.2% from September 2023.

“Improving conversion rates at the auction has aided in a flat month-over-month change in the used vehicle retention index for September,” CBB senior manager and head of Canadian vehicle valuations David Robins said in a news release. “Increasing consumer confidence, lower interest rates and exporters are at the root of the increase in demand.”

The index is calculated using CBB’s published wholesale average value on 2-6-year-old used vehicles as a percentage of original typically equipped MSRP.

The full index can be downloaded here.