The big drops in wholesale used vehicle prices continue.
The overall used wholesale market fell another 1.52 percent in the past week, according to BlackBook’s Weekly Market Insights. The market dropped 1.45 percent the previous week.
“The wholesale market continued to experience record declines for a third consecutive week, with prices in some mainstream segments decreasing by more than 2 percent. On another hand, we have yet to see any meaningful decrease in used retail listed prices,” BlackBook noted.
All 22 segments followed by BlackBook fell, with four categories — compact, mid-size and full-size cars and minivans — seeing slides of more than 2 percent. Minivans lost $411 or 2.15 percent in value. Full-size cars were down $420 or 2.15 percent. Compact cars dropped 2.51 percent or $323.
On average, the nine car divisions fell 1.73 percent or $293. The prestige luxury cars and premium sports cars were the only two car categories to fall less than 1 percent.
The 13 truck and SUV categories dropped an average of 1.43 percent or $320. Full-size luxury crossover SUVs were down $814 or 1.8 percent.
Auction conversion rates fell to 49 percent.
“Auction conversion rates declined by 1 percent after the prior two weeks showed improvement in the market. With the large declines in the market, we are now seeing buyers being more hesitant to pay any extra money for inventory. Buyers and sellers are both in a ‘wait and see what happen next mode,’” BlackBook reported.
The used retail price index dropped back to the same level as the start of the year. The inventory index improved to 1.02.
Vehicles are taking 51 days to turn.