The report says used car prices bottomed in both Canada and the United States in early 2009.

Normally, a rebound in demand for used cars precedes improved demand for new cars by three to six months.

The report's author, Carlos Gomes, says prices for used cars will stay high due to lower supply from fleets used by businesses such as rental agencies.

Overall, the report found the global recovery in car sales is continuing.

In Canada, September sales were at their highest level in almost a year, and global sales posted a double-digit year-over-year increase.