The wholesale used vehicle market flipped to start February, with prices increasing overall.
The wholesale market moved from dropping 0.12 percent in prices Jan. 24 to ending the month with prices jumping by 0.05 percent, according to BlackBook Market Insights.
“Despite winter weather affecting large portions of the country, depreciation shifted to appreciation last week across several segments, with the overall 2-to-8-year-old market increasing 0.05 percent,” BlackBook noted. “The overall market had not posted a January gain since 2021. While value increases in the first quarter are typical ahead of the spring and tax-season lift, gains occurring this early in the year remained atypical.”
The nine car segments followed by BlackBook posted a 0.01 percent increase or $1. Mid-size cars led the rally in prices, increasing by $29 or 0.23 percent. Full-size cars were up $19 or 0.11 percent.
“Car segments showed the first signs of a spring market last week, marking the first increase since mid-May of last year,” BlackBook reported.
The 13 truck and SUV categories increased by $11 or 0.06 percent. Smaller and mid-size crossover SUVs posted gains between 0.11 percent and 0.25 percent ($12 to $45).
In the auction lanes, conversion rates remained high at 60 percent.
