The rally for wholesale used vehicle prices through February continued into the last week of the month.
Wholesale prices increased for a third straight week, according to BlackBook’s market insights for week of Feb. 25.
“The market continued the upward swing that started three weeks ago, gaining another 0.21 percent, after the prior week’s already large 0.14 percent, increase. The last time we had a single week gain this large was in May 2022.”
BlackBook Market Insight
“The market continued the upward swing that started three weeks ago, gaining another 0.21 percent, after the prior week’s already large 0.14 percent, increase,” said the BlackBook release. “The last time we had a single week gain this large was in May 2022.”
Six of the nine used car segments recorded gains for a second straight week, with an average increase for all cars jumping $41 or 0.27 percent. Sports cars gained $78. Compact cars and full-size cars were up $72. Luxury cars, prestige luxury cars and premium sports cars were down slightly.
Trucks and SUVs were up $38 or 0.18 percent. Of the 13 truck and SUV segments, 11 had increases in prices.
Compact Crossover had the largest percent increase last week, 0.44 percent for a total of $66. The full-size luxury SUV jumped $95, 0.24 percent.
Sales at wholesale auctions stayed steady at 49 percent for a third straight week.
“February started off strong and finished strong; conversion rates improved all month,” BlackBook reported. “We did see a small increase in auction inventory, that we didn’t see in January. This momentum should carry over to March, seeing wholesale prices and sales rates continuing to increase.”
Retail prices for vehicles 2- to 6-years old inched up in the price index to nearly back to the start of the year. The retail inventory also increased to 0.99 on the index.
Vehicles are still taking 47 days to turn, three days fewer than last week. It is one day more than the first week of the year.
