The Canadian used wholesale market saw prices slip -0.66% for the period ending on Nov. 11, down further from last week’s -0.52% and the 2017-2019 average of -0.36% for the same week.
As Canadian Black Book noted in its Market Insights update, the market continues to decrease and the overall decrease for this period is larger than the historical average. The car segment saw a decrease of -0.43% and truck/SUV segment prices declined -0.89%. No segment values increased for the week.
“Supply remains low with decreasing demand for vehicles at auction on both sides of the border,” said CBB in its report. “Upstream channels continue to tap supply before it can be available to wholesale markets. Many segments saw a change in average value of more than $100 this week as the truck and SUV segments fell the most.”
In the United States, the car and truck segments decreased -1.55% overall last week compared to -0.95% the prior week. The volume-weighted car segments dropped -1.13% compared to the prior week’s decrease of -0.57%. And the volume-weighted truck segments were down -1.73%, versus the -1.12% a week earlier.
For the Canadian market sports cars showed the least decline (-0.07%), followed by compact cars (-0.19%) and sub-compact cars (-0.21%). The most significant decreases came from near-luxury cars (-0.73%) and mid-size cars (-0.72%).
As for trucks/SUVs, all segments showed a downturn — with the most significant decline coming from compact vans (-1.97%). This was followed by mid-size crossovers/SUVs (-1.73%) and compact crossovers/SUVs (-1.67%). Other notable segment declines include minivans (-1.43%), small pickups (-1.18%), and sub-compact luxury crossovers (-1.13%).
The average listing price for used vehicles, as per the 14-day moving average, was approximately $37,900. The analysis is based on around 206,000 vehicles listed for sale on Canadian dealer lots, according to CBB.
You can read the full report here.