McLEAN, Va., April 15, 2015 /PRNewswire-USNewswire/ -- In their April Guidelines report, NADA Used Car Guide analysts observed wholesale prices of used vehicles at auction climbing by 2.3 percent during the month of March. The increase in prices helped push NADA's Used Vehicle Price Index up from 123.4 in February to 124.3 in March. The automotive industry's leading source of used vehicle valuations believe the industry is positioned to beat overall economic growth for the sixth year in a row.
"There appears to be no letup in the demand for cars from the data we're seeing," said Jonathan Banks, executive analyst at NADA Used Car Guide. "While extreme winter weather created a pent-up demand situation in several markets helping the pricing figures rise, it appears the American buyer is ready to acquire a new set of wheels."
Tax Refunds Play a Role
With tax refund checks filling the bank accounts of millions of Americans, analysts at NADA Used Car Guide believe April will continue the upward sales and pricing trends they've observed.
The monthly Guidelines report also found that manufacturers are barely spending more than last year to move new vehicles off of dealer lots and into consumer driveways. Average spending per new vehicle year-over-year was up a slight 0.4%, or $2,726.
About the NADA Used Car Guide
Since 1933, NADA Used Car Guide has earned its reputation as the leading provider of vehicle valuation products, services and information to businesses throughout the United States and worldwide. NADA's editorial team collects and analyzes over 1 million combined automotive and truck wholesale and retail transactions per month. Its guidebooks, auction data, analysis and data solutions offer automotive/truck, finance, insurance and government professionals the timely information and reliable solutions they need to make better business decisions. Visit nada.com/b2b to learn more, and follow our Facebook, Twitter and YouTube pages to stay up-to-date on the latest automotive industry information.
NADA represents nearly 16,000 new-car and -truck dealerships with more than 32,000 domestic and international franchises. For more information, visit www.nada.org.
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NADA Used Car Guide
SOURCE NADA Used Car Guide