Dealers likely set their sights on retailing used vehicles during Memorial Day weekend rather than being quite as active in securing more inventory from the lanes last week.
The collection of data and observations included in Black Book’s latest Market Insights report offered a variety of evidence to indicate the wholesale landscape is transitioning from spring to summer.
“The spring market uptrend is over, but prices remain stable. The late-model and lower-priced vehicles have the strongest demand,” Black Book executive vice president of operations Anil Goyal said in the latest report.
Reflecting what Goyal noted, editors said their volume-weighted data showed overall car segment values decreased by 0.17% last week. In comparison, car values edged up by 0.02% on average during the prior four-week period.
Within cars, Black Book reported values of high-line vehicles — luxury cars, prestige luxury cars and premium sporty cars — decreased the most, softening by 0.54%, 0.64% and 0.66%, respectively.
Again, looking at volume-weighted data, editors noticed overall truck segment values (including pickups, SUVs, and vans) remained nearly flat, ticking down by just 0.01%. Truck prices have been stable during the past four weeks, edging up by 0.04% on average.
Perhaps frustrating dealers who need them, Black Book pointed out values of full-size pickups increased the most, rising by 0.19%.
Black Book’s anecdotes from the lanes after attending nearly 60 sales nationwide began with an auction owner in Washington.
“The market has slipped a little in the last couple of weeks, but the 30-40K-mile, late-model vehicles are very strong,” the auction owner said.
Editors gathered other recaps primarily west of the Mississippi River, including:
— From Florida: “The buyers were not as motivated today. The rental and lease lanes lacked variety resulting in lower sales percentages.”
— From Pennsylvania: “The market is slower after a strong March/April push. One of the lanes, which had mostly $10,000-range vehicles, sold almost all of them.”
— From Massachusetts: “A mixed bag in the lanes today, but the overall market was flat or slightly down.”
— From Ohio: “Low-sales rate results in a captive finance consignor lane where the floors were being held high.”