This week’s Black Book Market Insights report showed the days’ supply of new full-size pickups currently sits at a four-year high, well above 100 days.
While editors are thinking automakers might push incentives to get those new trucks over the curb at franchised dealerships, Black Book isn’t seeing prices soften for full-size pickups moving down the lanes.
“The depreciation rates normalized last week after a strong spring market. Pickups continued to show strength in values,” Black Book executive vice president of operations Anil Goyal said in the latest report.
Volume-weighted, Black Book determined overall truck segment values (including pickups, SUVs and vans) decreased by just 0.08% last week. In comparison, truck values edged up by 0.03% on average during the previous four-week period.
As mentioned, editors noticed the values of pickups increased the most with full-size models rising 0.22% and small trucks climbing 0.47%.
Meanwhile, in the car space, Black Book’s volume-weighted data showed overall car segment values softened by 0.31% last week. That’s quite a bit more than the four-week average, which was a 0.05% dip.
Among cars, editors indicated values of prestige luxury cars decreased the most, declining by 0.67%.
Turning next to what Black Book representatives in the lanes saw at nearly 60 sales nationwide, the anecdotes reflected a mixed bag of observations. Here is the rundown:
— From Michigan: “Consignment has been low, which would normally result in high sales percentages, but lower retail demand has had an effect.”
— From Florida: “We had a good sale this week. However, some of the franchise dealers mentioned slow retail sales.”
— From South Carolina: “More no-sales, and the values seem to be slipping a bit.”
— From Massachusetts: “All but one of the commercial consignors reported good sales today.”
— From California: “The southern California market remains good with the bank/repo lanes performing the best today.”
Update on the specialty market
As they do at the beginning of each month, Black Book editors gave a report about what’s happening in the specialty markets. Here is what they said:
— Collectibles: “This has been a great year so far for collectible vehicle auctions, and the two most recent sales did not disappoint.”
— Recreational vehicles: “As we make the transition from the end of spring to the beginning of summer, interest in used RVs remains strong. Dealers are reporting good traffic on their lots and websites, and the auction companies have seen their volumes rise a significant amount.”
— Powersports: “As we near the high point of the year for the powersports market, values are up nearly across the board, but by fairly modest amounts in most segments this month.”
— Heavy duty: “Higher mileage units continue to enter the market while demand remains steady, leaving buyers with no option but to purchase less desirable units.”
— Medium duty: “Steady volume is helping keep downward pressure on the overall market as used prices continue to depreciate.”