The Canadian used wholesale market was down -0.21% in pricing for the week ending on Dec. 28, 2024, just prior to the new year. That decline is less than the prior week’s -0.33% and the 2017-2019 average of -0.35% for the same period.
Dealers may also be interested to note that car segment prices decreased by -0.15% compared to -0.26% the previous, according to Canadian Black Book’s Market Insights report. And truck/SUV segments were down -0.26% compared to -0.39% the prior week. On the upside were luxury cars and minivans, while on the downside were mid-size cars and full-size pickups — among others.
“The Canadian market remains on a downward trajectory, with a decline once again far less pronounced (than) in its previous week,” said CBB in its update. “Just over 13% of market segments experienced an average value change of more than ±$100. The decrease in the truck segments fell by 13%, while that of the car segments dropped by 11%.”
CBB also noted “a continuous fluctuation in sale rates” across several auction lanes, which they said can be attributed to several factors — “including the recent adjustments to interest rates and the ongoing gradual decline in floor prices.” They said the increase in supply in the wholesale market has slowed down compared to previous weeks, but that upstream channels are still gaining early access.
In the car segments, the luxury car segment (+0.06%) experienced an increase, while prestige luxury cars (-0.01%) and full-size cars (-0.04%) managed the smallest decrease. The largest declines came from mid-size cars (-0.42%), near luxury cars (-0.24%), and premium sports cars (-0.24%).
For trucks/SUVs, the segments with the largest declines were full-size pickups (-1.30%), sub-compact luxury crossovers (-0.53%), sub-compact crossovers (-0.31%) and mid-size crossovers/SUVs (-0.29%). A single segment experienced an increase and that was minivans (+0.21%).
In other news, the federal government’s iZEV rebate claims came in at 23,713 in November — close to the record month set in October. CBB said the program has made almost 70,000 claims in the last 3 months and is up for renewal in March.
