Wholesale prices remained at high levels in April, reflecting scarcity in supply and abundance of demand — particularly for late-model, CPO-eligible used vehicles and more specifically for off-rental program and risk units, according to the latest Kontos Kommentary from ADESA Chief Economist Tom Kontos.

Continued growth in off-lease volumes is expected to help correct this late-model supply demand imbalance and cause prices to moderate going forward, says Kontos.

According to ADESA Analytical Services’ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class, wholesale used vehicle prices in April averaged $10,468 — up 0.3% compared to March and up 3.7% relative to April 2013. Midsize and mini SUVs had the strongest month-over-month and year-over-year price increases.

Adding to a string of strong months pricing-wise for diminished quantities of factory units, prices for used vehicles remarketed by manufacturers were up 0.8% month-over-month and up 8.1% year-over-year. Prices for fleet/lease consignors were up 0.5% sequentially and up 3.5% annually, as off-rental risk supplies remain tight.

For dealer consignors, there was a 0.7% average price increase versus March and a 3.2% uptick versus April 2013.

Based on data from CNW Marketing/Research, retail used vehicle sales in April were up 28.2% month-over-month and 4.3% year-over-year. And based on figures from Autodata, sales of certified pre-owned (CPO) vehicles were down 6.5% from March’s all-time high but up 9.5% from the prior year.

This Kontos Kommentary analysis is based on nearly six million annual sales transactions from more than 150 of the largest U.S. wholesale auto auctions, including those of ADESA as well as other auction companies. ADESA Analytical Services segregates these transactions to study trends by vehicle model class.