Ever so slight movement was seen in the Canadian used wholesale market in terms of pricing, which declined -0.32% for the week ending on July 19. The figure is similar to the previous week, in which pricing decreased -0.35%.
For car segments, prices decreased only -0.21%, compared to the prior week’s -0.41%. And truck/SUV segments were down by -0.42% — more than the previous week’s -0.29%. Segments in the positive include compact vans at +0.16% and full-size crossovers/SUVs at +0.02%.
“The Canadian market’s decline in pricing continues with a decline less pronounced than in its previous week,” said Canadian Black Book in its Market Insights update. “Just over 31% of the market segments experienced an average value change of more than ±$100. Monitored auction sale rates ranged from 22% to 49% averaging at 35.5%.”
CBB said Canadian company Signal Technologies, which supports the export process for dealers, has reported that around 350,000 used vehicles are still being exported into the U.S. “Currently it is lighter than previous years, but nets dealers roughly $2,000 more per vehicle in doing so.”
In the car segments, the most notable declines came from full-size cars (-0.46%), prestige luxury cars (-0.31%), luxury cars (-0.24%), and premium sports cars (-0.23%).
For trucks/SUVs, the largest depreciations were seen in minivans (-1.06%), mid-size crossovers/SUVs (-0.75%), mid-size luxury crossovers/SUVs (-0.66%), and full-size pickups (-0.55%). The two segments that bucked the trend, as previously mentioned, were compact vans and full-size crossovers/SUVs.
This time the average listing price for used vehicles is slightly down, as the 14-day moving average was at $37,600. The analysis is based on around 220,000 used vehicles listed for sale on Canadian dealer lots.
For the U.S. market CBB said depreciation continues to outpace typical seasonal trends, but the market is much stronger than it was last year. “At this time last year, cumulative 12-month depreciation stood at 23.6%, compared to just 9.6% this year.”
In other news, Canada announced new steps to help the steel industry in response to 50% tariffs imposed by the U.S. “These measures include setting limits on steel imports from countries other than the U.S. and Mexico. If those limits are exceeded, heavy duties will be applied,” said CBB.
They said tariffs are showing signs of impact in U.S. vehicle production for Canada; market share in the second quarter was down against first quarter results. “At 41% share in Q1, U.S. built vehicles decreased to 39% in Q2 with expectations that this trend continues further into 2025.”
