Wholesale used vehicle prices are starting to stabilize at the mid-point of August.
The depreciation of the market dropped to 0.17 percent, according to BlackBook’s Market Insights. It was nearly half the previous week’s 0.32 percent drop.
“Fast forward three years from a COVID market low in new vehicle production, add high interest rates, significant negative equity, and rising new vehicle incentives, and you get a mix of adjustments in the wholesale market,” BlackBook noted. “Last week, segments like compact cars, crossovers, minivans, and small pickups performed well, while high-dollar segments like the full-size luxury crossover/SUV experienced significant declines.
Small pickup prices grew by $61 or 0.29 percent. Minivans were up $18 or 0.11 percent. Compact crossover SUVs increased by $13 or 0.09 percent. Compact cars gained $6 or 0.06 percent.
In contrast, the full-size luxury crossover SUV was down $319 or 0.8 percent.
Collectively, the nine car segments fell by 0.29 percent or $45. The 13 truck and SUV categories dropped by 0.12 percent or $24.
The auction conversion rate is at 59 percent.
“Auction inventory has leveled off and remained stable last week, further suggesting a possible stabilization or improvement in the market,” BlackBook reported.
