As lane watchers noticed dealers intensify their search for clean or better units, the latest Black Book Market Insights report showed truck segments continuing to out-perform their car counterparts.
Ironically out of all segments — and perhaps a nod to the first official day of summer coming in a few days — editors found that the sporty cars increased their value the most.
“Midsize cars continued to depreciate at a higher rate as used supplies are rising while demand has softened. On the other hand, pickup truck values remained strong,” said Anil Goyal, senior vice president of automotive valuation and analytics at Black Book
Considering volume-weighted information, editors determined overall car segment values decreased by 0.33 percent last week; similar to the average weekly decrease of 0.37 percent in values spotted during the previous four weeks.
Midsize car, prestige luxury car and sub-compact car segments declined the most by 0.65 percent, 0.65 percent and 0.64 percent, respectively.
Again looking at volume-weighted data, Black Book reported overall truck segment values — including pickup, SUVs and vans — dipped by 0.14 percent last week; better than the average weekly decrease of 0.26 percent in values seen in the previous four weeks.
The sub-compact crossover was the worst performing truck segment, while pickup trucks improved in value last week.
Turning next to Black Book’s representatives at more than 60 auctions nationwide, the common theme revolved around dealers looking for vehicles that needed the least amount of reconditioning and could be front-line ready more quickly.
First, out of Colorado: “Dealers are chasing the clean units at the auction. The crowd size on a particular lane is pretty much reflective of the quality of the vehicles on that lane.”
Down in Florida, too: “Buyers are searching hard for clean cars but are concerned about over-paying when they find them. Most of the buyers and sellers spoke of softening market.”
As well as in Tennessee: “Consignment and attendance were off but the vehicles that sold brought good money. Front-line ready vehicles sold well, but the others were just OK.”
Up in Washington, it appeared those clean units were tough to find, as the lane watcher indicated: “Below normal sale this week with a higher number of high mileage vehicles and no-sales.”
And finally, out of the Midwest, an auction observer in Wisconsin relayed: “The market is still OK here. Two of the larger accounts here were holding their floors, which resulted in a higher than normal amount of no-sales.”