Canadian used wholesale vehicle prices continued to soften during the week ending May 30, with the market posting a steeper decline than the previous week, according to Canadian Black Book’s latest Market Insights report.
Overall wholesale values fell 0.49 per cent, compared with a decline of 0.23 per cent the previous week. Car segments decreased 0.37 per cent, while truck and SUV segments dropped 0.58 per cent. Both figures were weaker than historical averages for the same period between 2017 and 2019.
Among car segments, full-size cars recorded the largest decline at 0.63 per cent, followed by mid-size cars at 0.58 per cent and sub-compact cars at 0.53 per cent. Prestige luxury cars posted the smallest decline at 0.23 per cent.
Truck and SUV segments experienced broader weakness. Full-size vans led all declines, falling 2.08 per cent, while full-size luxury crossover/SUV models dropped 1.03 per cent. Mid-size luxury crossover/SUVs and full-size pickups also declined.
Not all segments moved lower. Compact vans posted the strongest gain at 1.72 per cent, followed by sub-compact crossovers, which rose 0.30 per cent, and minivans, up 0.07 per cent.
Canadian Black Book reported auction sale rates ranging from 16.5 per cent to 69.2 per cent, averaging 42.8 per cent. The company said fluctuations in auction performance continue to be influenced by political conditions and sellers maintaining firm floor prices, while buyer demand remains strong for high-quality vehicles.
The average used-vehicle listing price increased slightly, with the 14-day moving average reaching $37,900 across approximately 200,000 vehicles listed on Canadian dealer lots.
In its industry news section, Canadian Black Book highlighted several developments affecting the automotive sector, including continued dealer reimbursement claims under the federal zero-emission vehicle rebate program, Honda’s plans to pause Ridgeline production as it prepares for future emissions requirements, and the appointment of Lucas Malinowski as the new President and CEO of Global Automakers of Canada.
