The wholesale used vehicle market took its largest slide of the summer this past week.
The overall wholesale market tumbled 0.73 percent, according to BlackBook’s Weekly Market Insights. It continues the long trend of dropping values since May.
Dealers are starting to adjust to depreciation.
“Sellers are beginning to adjust their floors and the wholesale price trend reflects the adjustment,” said the BlackBook report. “Last week, the market reported the largest single week drop since mid-January. Leading up to the July 4th holiday, the market had been trending downward, but sales rates were low as buyers exercised caution and sellers held tight on their floors. As we got into the first full-week post-holiday, sellers were willing to negotiate. However, buyers this past week still were not jumping at the lower prices. Inventory levels on dealers’ lots are growing and the days to turn is also increasing, so they are only buying ‘good deals.’”
All 22 vehicle segments followed by BlackBook dropped in price.
The nine car segments lost an average of $104, or 0.77 percent. All categories fell more than 0.4 percent. Luxury cars dropped $213, or 1.1 percent.
The 13 truck and SUV segments fell $121 or 0.7 percent. Compact luxury crossover SUVs dropped $228 or 1.34 percent. Mid-size crossover SUVs fell $180 or 1.12 percent. Full-size luxury crossover SUVs were down $248, 0.84 percent.
The sales rate at auction inched up from 46 percent to 47 percent.
The retail price index was down slightly to 1.01 from the high of the year, 1.03 in June. The inventory index remained at 1.01.
The days to turn vehicles stayed at 53.
