The Canadian used wholesale market saw a decline of -0.34% in pricing for the week ending on August 23, which is steeper than the prior week’s -0.16% — based on Canadian Black Book’s Market Insights report for this period.
Their data showed car segment prices were down -0.30%, when it was -0.20% a week earlier. And truck/SUV segments decreased by -0.37%, compared to the prior week’s -0.13%. The top positive segments for this period are compact vans at +0.24% and full-size cars at +0.16%.
“The Canadian market remains on a downward trend; however, this week the downturn is more pronounced,” said CBB in its update. “Slightly more than 40% of market segments recorded an average value change exceeding ±$100. Meanwhile auction sale rates monitored during the period ranged from 20.5% to 66%, averaging 40%.”
In the car category, the most notable declines came from mid-size cars (-0.44%), prestige luxury cars (-0.43%), premium sports cars (-0.35%), and sub-compact cars (-0.34%). The smallest declines came from luxury cars (-0.19%) and near luxury cars (-0.21%).
For trucks/SUVs, the largest declines were full-size pickups (-0.63%), full-size vans (-0.52%), and mid-size crossovers/SUVs (-0.48%).
The average listing price for used vehicles according to the 14-day moving average was at $37,500, based on around 220,000 used vehicles listed for sale on Canadian dealer lots.
As for the U.S. market, CBB said last year the market stabilized and saw four consecutive weeks of rising wholesale values around Labor Day. “This year, while we haven’t seen overall market appreciation yet, depreciation is slowing, and some segments are even reporting value increases. Nationwide, conversion rates remain exceptionally strong, consistently exceeding 60%.”
