The Canadian used vehicle wholesale market is up again—this time by 0.35% for the week, which now extends the positive weekly performance to 15 consecutive weeks, according to Canadian Black Book.
Its weekly automotive market update also revealed increases in both the car and the truck/SUV segments, with the truck/SUVs segment up 0.36% (lower than the prior week’s price increase), and cars up by 0.34% (higher than last week’s rate of +0.16%).
“The Canadian wholesale market strengthened further this week. The increases seen this week were slightly higher than the previous week,” said CBB, adding that “Supply remains low with extremely high demand on both sides of the border. Upstream channels continue to tap supply before it can be available to wholesale markets.”
Most of the car segments managed a weekly increase, with sports cars up 0.70%, leading the overall car segments. Prestige luxury cars also increased (+0.52%), along with premium sports cars (+0.47%), and near-luxury cars (+0.45%).
On the downside, the compact car segment was down 0.30%, and had the weakest performance out of the car segments, followed by the sub-compact car segment (-0.03%).
On the truck/SUV side, most segments saw positive weekly changes, with full-size pickups leading the way with a weekly increase of 1.00%, followed by compact vans (+0.99%), and small pickups (+0.79%).
On the downside, minivans declined 0.12% and had the weakest performance out of the truck/SUV segments, followed by the sub-compact crossover segment (-0.06%).
Average listing prices for used vehicles continued an upward trend this past week when looking at both the 14-day moving average (now at approximately $26,600) and the 28-day moving average. CBB said the analysis is based on approximately 140,000 vehicles listed for sale on Canadian dealer lots.
“Sell rates are still strong this week. Some observed sell rates were as high as 68% this week,” said CBB. “This high demand at auctions is expected to continue this week as the lack of new vehicle supply continues to increase demand for used vehicles.”
The full report is also available for review.