The Canadian used wholesale market experienced a decline of -0.17% in pricing for the week ending on August 9. The prior week, the decline was -0.40%, according to Canadian Black Book.
Its latest Market Insights report shows that car segment prices decreased by -0.16%, compared to -0.31% the previous week. And truck/SUV segments were down -0.18%, compared to -0.47% a week earlier. CBB said the market’s decline in pricing continues, but that the decrease has noticeably receded when considering the previous week’s declines.
“The market’s car segment values remain trending down despite the 0.15% increase from last week, the change sits at -0.16%. Similarly, the decline in truck segment prices also increased. A 0.19% increase bringing the change to -0.47%,” said CBB in its report. “ Just under 23% of the market segments experienced an average value change of more than ±$100. Monitored auction sale rates ranged from 26.9% to 59.6% averaging at 38.9%.”
In the car segments, the most notable declines came from sports cars (-0.45%), prestige luxury cars (-0.33%), sub-compact cars (-0.22%), and near luxury cars (-0.14%). The smallest declines were seen from luxury cars (-0.08%) and compact cars (-0.04%).
For trucks/SUVs, the largest declines came from full-size pickups (-0.58%), compact crossovers/SUVs (-0.54%), full-size crossovers/SUVs (-0.47%), and minivans (-0.34%). CBB also said three segments displayed an “opposite shift with small bumps in value”: compact and full-size luxury crossovers/SUVs (both with +0.04%), and small pickups with +0.05%.
“There has been a continuous fluctuation in sale rates across various auction lanes that can be attributed several factors including, economic uneasiness, political variants and sellers holding strong on floor prices,” said CBB. “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.”
The average listing price for used vehicles, based on the 14-day moving average, was $37,700.
