The fall of wholesale used vehicle prices sped up slightly in the past week.
The overall market fell 0.32 percent, after dropping 0.08 percent the previous week in the BlackBook Weekly Market Insight.
“The United Auto Workers strike continues, but last week’s auction activity slowed down as buyers exercised caution while the negotiations with Ford, Stellantis, and General Motors seemed to be making small progress with counteroffers,” BlackBook reported. “Additionally, sellers raised their floor prices last week, in an attempt to capitalize on the prior week’s auction success with increased strength in valuations and conversion rates.”
Compact cars, full-size crossover SUVs, full-size luxury crossover SUVs and small pickups increased in price last week. Compact cars were up $23 or 0.19 percent. Small pickups increased $77 or 0.33 percent. Full-size crossover SUVs had a 0.07 percent or $19 rise in price, and full-size luxury crossover SUVs were up $73 or 0.17 percent.
Seven car segments were down. The car market was down 0.34 percent or $54.
The 13 truck and SUV segments were down $61 or 0.28 percent. Minivans took the biggest hit, falling $284 or 1.58 percent.
The sales rate at auction were down to 52 percent, a drop of 2 percent.
“Auction conversion rates dropped last week, while we also saw an increase in inventory across the country,” BlackBook reported. “It appears there is a lot of uncertainty in the market right now, buyers and sellers aren’t sure what to expect in the coming weeks and that was reflected with the lower conversion rates.”
Retail prices dropped slightly on the retail price index to 0.97. The inventory index was up slightly to 1.02 points. Vehicles are taking 45 days to turn.
