The decline in the wholesale used vehicle market slowed slightly in the past week.
The overall market was down 0.53 percent, continuing a more than two-month streak of drops, according to BlackBook’s Weekly Market Insights. But the fall was significantly less than the previous week’s 0.73 percent decrease.
“The market continues to decline and despite the overall drop last week being less than the week prior, the level of weekly declines continues to exceed what is typical for this time of year based on pre-pandemic trends,” BlackBook reported.
Again, all 22 vehicle segments followed by BlackBook fell in price.
The nine car categories fell on average 0.59 percent or $104. The compact car loss $128 or 0.94 percent and full-size car 0.9 percent or $182.
The 13 truck and SUV divisions were down on average $116 or 0.5 percent. The compact luxury crossover SUV was down 0.87 percent or $220. The full-size crossover SUV fell $229 or 0.76 percent.
The average weekly sales rate at auction improved to 48 percent from 47 percent the previous week.
“We are still seeing a lot of no-sale and if bids, but surprisingly, conversion rates have moved up slightly over the last few weeks as sellers adjust their floors,” BlackBook reported. “As we see new inventory levels improving, the newer used units at auction are seeing some heavier depreciation, particularly with the truck and SUV segments.”
The retail price index remained at 1.01, which is down from the high of the year, 1.03, in June. The inventory index remained at 1.01.
The days to turn vehicles moved down from 53 to 51.
