Canada’s used wholesale market slipped again in the week ending Jan. 10, with pricing down 0.41 per cent as trucks and SUVs continued to lead the decline, according to this week’s Market Insights report from Canadian Black Book.
Truck and SUV segments fell 0.52 per cent, matching the previous week’s drop, while car segments declined 0.28 per cent. Overall market pricing remains weaker than the 2017-2019 seasonal average, which typically shows a 0.35 per cent decline this time of year.
In the car categories, the sharpest declines were seen in full-size cars (down 1.54 per cent), sub-compact cars (down 1.29 per cent) and mid-size cars (down 0.95 per cent), while luxury and sport-oriented segments posted smaller moves.
In trucks and SUVs, the biggest drops came from sub-compact crossovers (down 1.37 per cent) and full-size crossovers and SUVs (down 1.20 per cent), followed by minivans and compact vans (down 0.77 per cent).
Auction activity remained volatile. The report said monitored auction conversion rates ranged from 23.7 per cent to 95 per cent, averaging 50.8 per cent, as sellers continued supporting firm floor prices despite rising supply early in the new year. Just over 68 per cent of market segments recorded an average change greater than $100, up or down.
At retail, used listing prices are starting to ease. The 14-day moving average sat at $36,700, based on roughly 191,000 used vehicles listed for sale on Canadian dealer lots.
CBB also noted demand for clean, front-line vehicles remains steady at auctions in Canada and the U.S., even as economic uncertainty continues to weigh on the market.
In other news, industry headlines added to the week’s uncertainty. This includes reports that Ford plans to discontinue the Escape, while Stellantis is pulling back from several plug-in hybrid nameplates as it shifts focus toward hybrids and range-extenders. GM’s EV production reset is also expected to weigh on fourth-quarter earnings, and Volvo is teasing longer-range EV models as OEMs try to address lingering concerns about charging and range.
