Canadian wholesale used-vehicle prices fell another 0.32 per cent for the week ending May 2, according to Canadian Black Book’s latest Market Insights report. Car segments declined 0.32 per cent, matching the drop in truck and SUV segments. The overall market decline was steeper than the historical 2017–2019 average decline of 0.15 per cent for the same period.
Among cars, sub-compact cars recorded the largest weekly drop at 2.54 per cent, followed by mid-size cars at 0.75 per cent and prestige luxury cars at 0.58 per cent. Near luxury cars and sporty cars were the only car segments to post gains, rising 0.04 per cent and 0.08 per cent respectively.
Truck and SUV segments also weakened, led by compact vans, which fell 2.99 per cent. Full-size vans declined 1.90 per cent while minivans dropped 1.17 per cent. Full-size pickups were the only truck segment to show growth, increasing 0.59 per cent.
Canadian Black Book said auction sale rates ranged from 24.3 per cent to 84.6 per cent, with an average of 48.3 per cent across monitored lanes.
“Fluctuations in auction performance continues, driven by political conditions and sellers standing firm on floor prices,” the report said.
The report noted auction inventory levels have normalized, although upstream channels continue to receive priority access to inventory. Demand for high-quality used vehicles remains strong at auctions in Canada and the United States.
The average used-vehicle listing price on Canadian dealer lots also edged lower, with the 14-day moving average sitting at $37,600 based on roughly 201,000 listings.
In other news, Tesla launched its lowest-priced Canadian model ever last week, introducing a China-built Model 3 rear-wheel drive starting at $39,490. Meanwhile, General Motors announced a $691-million investment in its St. Catharines, Ont., engine plant to support next-generation V8 production for pickups and full-size SUVs, while Mercedes-Benz Canada named Susann Mayhead as its new president and CEO effective May 1.
