STAMFORD, Conn. -

Used-car prices in Canada jumped more than 2 percent sequentially during July as all but one volume segment moved ahead month-over-month, according to the latest RVI Market Update.

Moreover, Canadian wholesale prices held steady at the same year-over-year increase seen the previous month, RVI indicated.

Specifically, the RVI Used Car Price Index for Canada came in at 1.002 in July, up 2.4 percent from June. Compared to July 2010, the index jumped 5.9 percent.

During June, wholesale prices also climbed 5.9 percent year-over-year.

When asked what drove the sequential gains in July, RVI’s Wayne Westring pointed to the hikes in two fuel-friendly segments.

"Compacts and small sedans are two of the more popular vehicles in Canada and with gas prices being high, its helping increase their values," he told Auto Remarketing Canada.

Breaking it down by vehicle category, the small SUV was the only volume segment to drop from June, as it was down 3.9 percent.

"We’ve seen an increase in SUVs going to auction over the last two months," Westring said. "The increase in supply and high gas prices have contributed to a decline in small SUVs and a lag in midsize SUV prices compared to the market."

Minivans showed the heaviest uptick (8.8 percent) followed by compacts at 5.5 percent.

Small sedans climbed 4.5 percent sequentially and showed the largest year-over-year gain at 16.1 percent.

Three segments saw their values dip from July 2010, with the largest downturn spotted in the midsize SUV category (down 4.5 percent). Small SUVs (down 2.1 percent) and midsize sedans (down 0.3 percent) also decreased.

Conversely, three other segments beyond the small sedan category climbed double-digits year-over-year: subcompacts (up 13.4 percent), compacts (up 11 percent) and minivans (up 10.9 percent).

Looking at some overall economic trends that certainly play a role in wholesale value movements, gas prices were steady at $1.27/liter during the month. RVI also noted that: “The Canadian dollar value increased against the U.S. dollar in July, but has declined to parity at the time of this publication.”

"Both are playing a role. The Canadian dollar remains high continuing to hold used-car prices down, mainly from a downward pressure in new-car prices," Westring explained. "And high gas prices continue to cause negative pressure on SUV prices, although a positive impact on small cars."