Five vehicle segments saw increases in wholesale prices, as the market slowly reverses its months-long decline.
Sub-compact and compact cars, along with compact and mid-size crossover SUVs and small pickups, had small increases in price in the past week, according to BlackBook’s Weekly Market Insights. The overall market was down 0.08 percent, the smallest one-week loss since the start of May.
BlackBook noted the impact of the continued United Auto Workers strike on the market.
“As the UAW strike continues on, the market has settled into a period of stability when it comes to pricing trends,” BlackBook reported. “However, buyer interest has been up at auctions with the conversion rates continuing to climb each week.”
The nine car segments were down 0.15 percent, or $25, even with the small increases in sub-compact and compact cars. Prestige luxury cars fell 0.44 percent or $165.
Trucks and SUVs fell 0.05 percent or $10. Compact vans were down $181 or 1.28 percent.
“The segment has been declining for 25 consecutive weeks with an average weekly decline of 0.62 percent,” BlackBook noted.
Small pickup prices increased 0.26 percent or $60. Compact crossover SUVs were up $40 or 0.19 percent.
The sales rate at auction increased to 54 percent from 52 percent at the end of September.
“We are now moving into the third week of the United Auto Worker (UAW) strike, and now roughly 25,000 UAW union members are actively striking, with more plants being affected in Chicago and Lansing, Mich., since the strike began,” BlackBook reported. “As a result, the wholesale market is starting to show signs of improvement, with demand increasing at auction, as many are expecting supply disruptions to come later.”
Used retail prices remain below the start of the year at 0.99 on the used retail index. Used retail inventory is just off its high point of the year at 1.02. Vehicles are taking 45 days to turn.
