Wholesale vehicle prices saw their largest spike of the year this past week.
The wholesale market jumped by 0.48 percent, according to BlackBook’s Market Insights. The increase dwarfed recent gains of 0.25 and 0.17 percent to start April.
“The announcement of tariff implementation spurred increased activity at the auctions,” BlackBook noted. “Although some tariffs were later reduced, those affecting the automotive industry remained in place. This prompted buyers to flock to auctions, aiming to secure inventory in anticipation of reduced new vehicle availability, driving higher demand for used vehicles.”
Auction conversion rates were at 65 percent, a week after BlackBook reported several auctions with 100 percent conversion rates.
Prices jumped for 21 of the 22 vehicle models followed by BlackBook. The lone category to see a decline was the full-size van, falling 0.4 percent or $71.
The nine car categories rose by 0.41 percent or $58. Luxury cars increased by $141 or 0.7 percent. Midsize cars were up $87 or 0.72 percent.
The 13 truck and SUV categories increased by $96 or 0.51 percent. Compact luxury crossover SUVs jumped by $143 or 0.68 percent. Small pickups soared by $122 or 0.58 percent.
