Black Book, a division of Hearst that provides industry-leading used vehicle valuations and residual value forecast solutions, on May 6 released its Used Vehicle Retention Index for April 2025. The seasonally adjusted Index increased 0.9% (1.4 points) to 149.3 from March 2025 (147.9), which is 0.5% below where it was at the same time in 2024.

“The wholesale market performed strongly in April, with gains surpassing the usual seasonal trends, driving an increase in the Index,” said Laura Wehunt, Vice President of Data & Analytics. “The implementation of tariffs on automotive imports into the U.S. created uncertainty, prompting dealers to turn to auctions to secure quality used vehicles. The anticipation that new car MSRPs would rise due to the tariffs, coupled with reduced new vehicle inventory, including manufacturers holding vehicles at ports hoping the tariffs would be temporary—intensified demand for used cars. This speculation drove up values, with some single-week spikes reminiscent of the microchip shortage disruptions that impacted the industry in 2021.”