The Canadian used wholesale market experienced a decline of -0.16% in pricing for the week ending on August 16, which is similar to what was observed the prior week.
The data comes from Canadian Black Book’s latest Market Insights report, showing car segment prices down -0.20% from last week’s -0.16%. And truck/SUV segments decreased by -0.13% from the prior week’s -0.18%. The top positive segments this time around are compact vans and full-size cars.
“The pace of decrease (in the Canadian market) has slowed slightly compared to the previous week’s drop,” said CBB in its update. “Slightly less than 14% of market segments recorded an average value change exceeding ±$100. Meanwhile auction sale rates monitored during the period ranged from 39% to 45.5%, averaging 42.9%.”
CBB added that there has been a continuous fluctuation in sale rates across various auction lanes due to factors such as economic uneasiness, political variants, and sellers holding strong on floor prices.
“Even with supply remaining stable, upstream channels continue to gain early access to frontline ready vehicles. There remains a continued demand for inventory and high-quality vehicles at auctions on both sides of the border,” they said.
In the car segments, the most notable declines came from sub-compact cars (-0.69%), prestige luxury cars (-0.28%), luxury cars (-0.23%) and sports cars (-0.22%). The segments with the smallest declines were near luxury cars (-0.12%) and compact cars (-0.11%).
For trucks/SUVs, the largest declines were sub-compact luxury crossovers/SUVs (-0.44%), full size pickups (-0.23%), full-size vans (-0.21%), and mid-size crossovers/SUVs (-0.19%). CBB said one segment showed an opposite shift with a small bump in value, which was compact vans at +0.43%.
The average listing price for used vehicles, based on the 14-day moving average, was $37,600.
In other news, CBB said for the first time in 30 years, Canada imported more vehicles from Mexico than it did from the U.S. in June — with $1.08 billion coming from Mexico and $950 million from the U.S.
Also, the Canadian Government “will be spending $25 million on EV charging expansion projects, with most of that funding marked for EV share powerhouse, Quebec. Stations will be built around workplaces, public spaces, along highways and in Multi-Urban Residential Buildings,” said CBB.
And digital used car retailer Clutch moved back into Western Canada, due to financial woes that caused the organization to restructure.
