Six vehicle segments increased in price at auction in the past week as wholesale depreciation hit a low for the year.
Prices increased for compact, mid-size and full-size cars along with mid-size and full-size crossover SUVs, minivans and small pickups, according to BlackBook’s weekly Market Insights.
“The expected ‘return to normalcy’ for the automotive market remains on course, as overall market depreciation continues to subside. Furthermore, last week witnessed an upswing in auction prices with 32 percent of the segments reporting a rise in wholesale values,” BlackBook noted.
Of the nine car segments, compact cars had the largest increase of 0.22 percent or $23. Collectively, cars were down 0.14 percent or $19.
The 13 truck and SUV categories were almost back to even, dropping just 0.02 percent or $4. Full-size crossover SUVs were up $95 or 0.39 percent. Mid-size luxury crossover SUVs fell $114 or 0.48 percent.
Auction sales rates increased to 57 percent.
“The mood in the auction lanes is upbeat, a sentiment echoed by a 2 percent increase in auction conversion rates compared to the previous week, alongside a slight reduction in auction inventory,” BlackBook reported. “This combination of factors points to a growing optimism within the market.”
