ATLANTA -

It’s one thing for wholesale vehicle prices to “bounce” this time of year. But what happened last month was a “leap,” says Cox Automotive chief economist Jonathan Smoke.

After increasing 26.2% year-over-year, the Manheim Used Vehicle Value Index reached an all-time high of 179.2, according to a news release from Cox Automotive.

The month-over-month gain in March was 5.87% (mix-, mileage- and seasonally adjusted).

“It is not uncommon to see a spring bounce in wholesale prices, but a 26.2% increase is a leap by any measure,” Smoke said in a news release. “We continue to experience high demand and limited supply.

“And, as we begin to see the light at the end of the tunnel that is the coronavirus pandemic, increasing consumer confidence and decreasing unemployment create market conditions that lead to sizeable gains in the first quarter.”

Breaking down the wholesale price movement by segment, the most notable increase in the data set was for pickups, whose prices climbed 47.7%. Luxury cars (21.7%) and SUV/CUV (21.4%) were next, followed by vans (up 18.9%), midsize cars (18.6%) and compact cars (12.8%).

There were also gains in the weekly Manheim Market Report prices. The MMR Index for 3-year-old vehicles climbed 6.4% over the month’s four full weeks.

These price gains are occurring are amid tight supply.

There were 18 days’ supply of wholesale inventory at month’s end, compared to the normal rate of 23 days. The peak of wholesale supply happened on April 9, 2020, when it reached 149 days.