Depending on where your dealership is situated, if the greening grass and volume of pollen in your neighborhood already haven’t indicated spring is in full swing, perhaps the buzzing at your favorite wholesale auction should show it.
This week’s Market Insights report from Black Book summarized the continued intensification of the spring market with lane watchers throughout the country relaying anecdotes about active bidding and more.
“The spring market trend continues with affordable used sedans rising the most in values. The crossovers are showing an uptrend as well, but not as strong as the sedans,” Black Book executive vice president, operations Anil Goyal said .
According to volume-weighted data, editors determined overall car segment values increased by 0.25% last week. That’s quite a reversal of the four-week average, which represented a 0.10% dip.
Black Book pointed out subcompact cars increased the most with their values rising by 0.74%
Again based on volume-weighted information, editors indicated overall truck segment values (including pickups, SUVs, and vans) decreased by only 0.01% last week. Like cars, that latest reading is quite different than the four-week truck average, which was a decline of 0.28%
Values for compact vans led the way with an increase of 0.90%.
As mentioned, Black Book’s representatives at nearly 60 sales nationwide noticed auctioneers and ringmen stayed busy, watching for bids from dealers walking the lanes or submitting offers online. Here is the rundown:
— From Georgia: “Both inventory and attendance were up in numbers. The quality of the consigned inventory was subpar, but most sold anyway.”
— From California: “A strong sale with lots of action. More vehicles were purchased online as opposed to in the lanes.”
— From Pennsylvania: “A high percentage of vehicles sold as dealers were stepping up their bids. I heard some complaints from dealers about having to pay higher than normal prices to secure inventory.”
— From Wisconsin: “Almost everything is selling amid very active bidding. Prices are moving up on most models.”