November started with wholesale used vehicle prices dropping nearly 1 percent.
The overall market fell 0.95 percent in the first week of the month, according to BlackBook’s weekly market insights. It was a small surge from the 0.6 percent decline in the last week of October.
“Higher than typical seasonal depreciation across many segments resumed last week, after news broke that the United Auto Workers (UAW) and Stellantis, Ford and General Motors reached tentative deals to end the six-week strike,” BlackBook reported. “Last week, the crossover segments reported some of the largest declines, while the car segments remained more consistent with typical seasonal declines.”
All 22 segments followed by BlackBook fell in price.
The nine car segments dropped $89 or 0.57 percent. Mid-size cars were down 0.99 percent and $130. Luxury cars fell $144 or 0.6 percent.
The 13 truck and SUV divisions saw a decline of 1.12 percent or $238. Compact vans were down 2.01 percent or $270. Full-size vans fell $389 or 1.53 percent.
“Compact and full-size vans were hot commodities during the pandemic and after record setting increases, the segments are now experiencing consistent large declines,” BlackBook noted.
The sales rate at auction stepped back to 51 percent.
“Starting to see more If’s and no-sales at the auctions across the country, as that was reflected in the auction conversion-rate drop,” BlackBook reported.
The retail price index slipped to 0.96, its low point for the year. Inventory increased to 1.04. Vehicles are taking 50 days to turn.