Prices for wholesale used vehicles reached a record high in May while new vehicle numbers continue to slip, according to the Manheim Used Vehicle Index, a measure of wholesale prices adjusted for mix, mileage, and season.

The index indicated a record-high value of 127.9, improving 2.6% in May and 2.8% from a year ago.

The May Index result challenges the concerns that increasing wholesale supplies would lead to rapidly declining used vehicle values. Instead, larger supplies provide consumers a greater breadth of quality and choice in the used vehicle market, according to Manheim.

New vehicle sales are down 2% compared to last year, and have fallen 0.5% year-over-year.

CPO sales increased 7% in May, with a year-to-date gain of 1.6%.

Pickup trucks and vans saw the largest gains in market class pricing, while mid-size vehicles saw the largest decline of 2.4%.