Auction sales remained below 50 percent for a second straight week to start the year.
BlackBook reported a weekly sales rate of 49 percent at auction in its Market Insights. The rate was up slightly from 48 percent.
“The first week of 2024 is now in the books, with not a big change in how we finished 2023,” BlackBook noted. “We did see more attendees at the auction later in the week, but still seeing more ifs and no-sales in the lanes overall. Wholesale prices are still all over the place, sending mixed signals to both buyers and sellers who seem not quite sure what is going on with the current market.”
Depreciation on the wholesale vehicle market remained at 0.68 percent for the second straight week.
The nine car segments were down 0.49 percent or $69. Prestige luxury cars fell 1.9 percent or $659, the only category to fall more than 1 percent.
The 13 truck and SUV segments fell 0.77 percent or $146. Five categories lost more than 1 percent of value – full-size, sub-compact luxury, compact luxury and mid-size luxury crossover SUVs and small pickups.
