Canada’s used wholesale vehicle market continued to decline in mid-March, extending a gradual softening trend that has been building in recent weeks, according to Canadian Black Book’s latest Market Insights report.
Overall wholesale values slipped again on a week-over-week basis, reflecting ongoing price correction across the market. The trend follows a 0.30 per cent decline the previous week, highlighting consistent downward pressure on used-vehicle values.
Car and truck segments both contributed to the decline, with most segments posting modest decreases. The pattern points to a broad-based adjustment rather than sharp swings in specific vehicle categories.
Canadian Black Book noted that the market remains relatively stable despite the downward movement, with changes in many segments limited to small dollar amounts. However, the continued softening reflects a shift from the elevated pricing environment seen in recent years.
The decline comes as supply levels gradually improve and demand normalizes, allowing prices to ease. Auction activity remains steady, but pricing discipline is returning as buyers become more selective and inventory levels increase.
The broader trend suggests the market is continuing its transition toward more typical depreciation patterns after a period of volatility driven by supply shortages and strong demand.
Recent analysis also indicates that wholesale values have been trending lower since early March, reinforcing expectations that the market will continue adjusting in the near term.
Broader industry developments continue to shape the used-vehicle market outlook. Ongoing trade uncertainty in North America is creating pressure across the automotive sector, with tariffs and potential changes to the Canada-U.S.-Mexico Agreement raising concerns about supply chains and vehicle pricing. Analysts say the highly integrated nature of the North American auto industry means any disruption could impact production costs, inventory flow and ultimately retail pricing.
At the same time, shifts in electrification strategy and global competition are adding further complexity. OEMs are adjusting EV plans amid uneven demand, while new entrants — particularly Chinese brands — are exploring entry into the Canadian market, often working through dealer networks. These dynamics are expected to increase competition and place greater emphasis on pricing, inventory management and product mix at the retail level.
