The opening week of May saw a continued cooling of prices on the wholesale used vehicle market.
Prices were down 0.09 percent, according to BlackBook’s Market Insights. That followed a modest 0.01 percent increase in the final week of April.
“Could the spring bump be concluding? Indications suggest it might be, as the overall market has reported its first drop in seven weeks, but it is too early to say for certain,” BlackBook noted. “Nevertheless, this decline aligns with seasonal trends observed before the pandemic.”
Car prices were down 0.06 percent or $10 for the nine segments. Full-size cars (0.07 percent, $13), sports cars (0.02 percent, $5) and premium sports cars (0.49 percent, $290) were the only categories to record gains. Sub-compact cars fell $44 or 0.58 percent.
The 13 truck and SUV categories dropped 0.10 percent or $21. Small pickups were up 0.17 percent or $39. Full-size vans were down 0.9 percent or $193.
Demand at auction remained high, with conversion rates at 57 percent.
“For the first time in seven weeks, the wholesale market reported a downturn in both the car and truck segments, hinting at the possibility of an emerging broader trend rather than just a temporary setback,” BlackBook reported.
“Despite these shifts, robust auction conversion rates at 57 percent point to sustained demand, even as inventory levels experience a modest uptick.”
