Dealers’ used-vehicle inventory was down on a monthly and annual basis in January, a Cox Automotive report shows, sending wholesale prices up.

Total supply of unsold cars ended the month at 2.21 units, down from a revised 2.32 in December and 14% year-over-year, according to Cox's analysis of vAuto Available Inventory statistics.

Compared to 2019, the year before the pandemic, days’ supply is below normal for the time of year, signaling that “price pressure to the upside” will likely continue, Cox said.

Days’ supply stood at 48 in January, down from a revised 57 at December’s close and 13 days fewer than a year earlier. Toyota had the thinnest supply at 39.

Used-car sales were up 13% year-over-year, Cox said.

Listing prices fell for the month, the average at $26,510 compared to a revised $27,195 in December.

Meanwhile, wholesale prices are on the rise, increasing 4% from January in the first half of February, Cox said, the biggest February jump since 2009.