Prices for used vehicles in the Canadian wholesale market continue to rise, now for the 11th straight week, with 21 of 22 vehicle segments experiencing price increases as lack of inventory continues to drive prices up higher, according to Canadian Black Book.
“The Canadian wholesale market continues to increase yet again. This past week, nearly all segments reported increasing values,” said CBB in its weekly automotive market update, for the week ending on October 26.
Overall, prices increased 0.60% for the week, with car segments up 0.69% and truck/SUV segments up 0.51%.
For the car category, eight out of nine segments managed prices increase—with only prestige luxury cars seeing a decline (of 0.16%) from last week. Near-luxury cars managed the largest price increase for the week (+1.80%), followed by the compact cars (+1.16%), and sports cars (+1.01%).
All 13 truck/SUV segments experienced price increases, with sub-compact luxury crossovers managing the largest price increase for the overall truck/SUV segment at +1.37%, followed by subcompact crossovers (+0.97%) and compact crossover/SUVs (+0.90%). Compact luxury crossovers/SUVs (+0.13%) had the smallest increase for the week.
The average listing price for used vehicles is still significantly up week-over-week, as the 14-day moving average now sits above $29,700. The analysis is based on approximately 120,000 vehicles listed for sale on Canadian dealer lots.
As for conversion rates, CBB said they remained strong this past week. “Rates were observed into the 75% range on some lanes last week, with the few low kilometre, good condition units garnering high levels of bidding activity and premium pricing,” said CBB.
The full report is available here.
