OPENLANE Canada Price Index for June

OPENLANE Canada is the largest provider of wholesale used vehicle auctions in Canada. The Index is calculated from millions of pieces of sales data from OPENLANE Canada’s live open bidding auctions.

June 2024

The OPENLANE Canada Used Vehicle Price Index has been updated through June 2024. The index
decreased by 0.5% after being adjusted for seasonality.

June 2024 light vehicle sales were hindered by extensive software outages after CDK Global suffered a
cyber security attack. CDK Global provides software to automotive retailers and the attack hindered all
departments within dealerships including the ability to manage the sales process. Estimates are that the
month finished similar to 2023 and the market should see July rebound as CDK and retailers recover
from the cyber-attack.

The current environment sees incentives increasing, used supply is growing closer to recovery, MSRP
inflation appears to have tempered vs the last few years and we have high costs of borrowing.
Canadians are watching to see if the Bank of Canada will make further reductions later this month or
hold the rate flat. July will prove to be an interesting month.

Price movements by segment were mostly negative in June. Midsize showed the most decrease at -5.6%
($1,102), Fullsize Pickup at -5.1% ($1,718), Midsize SUV at -3.5% ($833), and Compact SUV at -2.0%
($404). Some increases were Minivans at 3.7% ($7766) and Mid Compacts at 0.2% ($24).