Editor's Note: This is a small excerpt from Cherokee Media Group's upcoming “State of the Used Car Industry” report. The full report will be available this month.

The prime reason vehicles are pricier to purchase in the wholesale market and will likely remain that way for years to come?

Blame lack of supply.

“The mix of the (used-vehicle supply) is different overall, volume is different,” Black Book chief data science officer Alex Yurchenko said during a presentation at the NIADA Convention in June.

The estimated available wholesale supply of vehicles up to 8 years old fell to ...