Wholesale used vehicle prices took a larger step back in the final week of October.
According to BlackBook’s weekly market insights, the overall market was down 0.6 percent. That was a sharp decline from the previous week’s 0.28 percent fall.
“The market experienced larger declines, particularly in the truck segments, declining 0.63 percent compared with only 0.2 percent the week prior,” BlackBook reported.
With the United Auto Workers reaching tentative agreements with the Big Three automakers — Ford, Stellantis and General Motors — depreciation is expected to return to normal, according to BlackBook.
All 22 segments followed by BlackBook fell in price.
Car prices fell 0.53 percent. Sub-compact cars were down 0.82 percent. Trucks and SUVs collectively were down 0.63 percent. Compact vans fell 1.8 percent.
“This is a very small segment that has only a few competitors so small dollar changes have a large percentage impact,” BlackBook reported.
Small pickups dropped 0.63 percent.
Sales at auction were at 52 percent.
“Last week, the wholesale market showed more declines in all segments of cars and trucks,” BlackBook noted. “At the same time, auction conversion rates saw a small uptick in the number of vehicles being sold, showing that sellers are willing to come down on floors to get the sale.”
The retail inventory index dropped from 1.05 to 1.03. Vehicles are taking 47 days to turn.
