When it comes to the Canadian wholesale vehicle market, all is calm.

For the third month in a row Canadian Black Book’s Used Vehicle Retention Index did not move in October, standing at 136.0 points — same as it was for August and September.

The index, which fell every month from April 2022 through June 2024, now has gone four consecutive months without a decrease.

“Weakening Canadian dollar relative to the U.S. dollar has been stabilizing Canadian wholesale values as arbitrage has been causing opportunities for exporters,” explained David Robins, CBB’s senior manager and head of Canadian vehicle valuations.

The index is still down 12.4% year-over-year. It peaked at a record 165.0 in March of 2022 after used-car values skyrocketed from a low of 100.5 in June 2020.

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 and weighted based on registration volume and adjusted for seasonality, vehicle age, mileage and condition.

The full index can be downloaded here.