Wholesale vehicle prices last month were down double-digit-percentages from March 2023, but whether the close of the first quarter represented a strong spring market is up for some debate.

It may depend on which industry index you’re observing. Still, a common theme of “normalcy” certainly has emerged in the used-car market.

On Monday, Black Book released its Used Vehicle Retention Index, which fell 13.6% year-over-year and rose 0.9% month-over-month to come in at 151.8 for March.

Its chief data science officer suggests that this year’s spring market was rather robust and that Q1 showed normalization in the market.

“We are observing a stronger spring used auto market in terms of prices and wholesale activities this year,” Black Book’s Alex Yurchenko said in a news release. “Used wholesale prices have been increasing at rates above normal levels across most segments and age buckets since early March.

“Additionally, wholesale channel volumes and conversion rates saw increases last month,” Yurchenko said. “During the first quarter of this year, we observed a return to some normalcy even in the face of some headwinds in the used and new market — buildup of new inventory, increased incentives, improved retail and commercial sales, and more active wholesale used market.”

At Cox Automotive, the company’s Manheim Used Vehicle Value Index for March (203.1) was down 14.7% year-over-year and 0.4% month-over-month, when adjusting for mix, mileage and seasonality.

Unadjusted, it was down 11.4% year-over-year and up 3.1% month-over-month.

Cox’s analysis suggests a more “muted” spring market in wholesale, but one that also brought a return to normalcy.

“Our normal spring bump was a bit muted this year, but the wholesale market progress in terms of timing and weekly changes – it was the most normal pattern we’ve seen in some time,” Cox Automotive chief economist Jonathan Smoke said in a news release.

“From a historical perspective, we typically see a 3.4% increase in March (non-seasonal) and came up with a 3.1% this year. We expect the market and prices to continue a downward trend — demand is tepid at best, as shoppers just don’t have any urgency to buy in the current economic environment,” he said.