Perhaps with Passover and Easter at hand, the spring market truly is happening if the latest information contained in the latest Black Book Market Insights report is an indication.
The report released on Tuesday showed the car segment as a whole increasing its value by 0.15 percent. Although the truck segment did not retain or increase its value, editors pointed out it was not far behind, only depreciating by 0.04 percent.
Black Book highlighted that two vehicle segments — compact cars and full-size pickups — performed the best this past week, increasing their values by 0.41 percent and 0.43 percent, respectively.
“Entry-level cars show seasonal strength in value, driven by demand from tax season buyers, while the luxury segments show some weakness. Pickups are also seeing renewed improvement in values,” said Anil Goyal, senior vice president of automotive valuation and analytics at Black Book.
Volume-weighted, editors reiterated that overall car segment values increased by 0.15 percent last week. In comparison, the market showed similar performance increasing on average by 0.15 percent in the previous two weeks.
Black Book determined the compact car, sub-compact car and sporty car segments gained the most by 0.41 percent, 0.25 percent and 0.26 percent, respectively.
Again volume-weighted, editors noticed overall truck segment values — including pickups, SUVs and vans — edged lower by just 0.04 percent last week, less than the depreciation rate of 0.07 percent spotted during the previous two weeks.
Black Book indicated the full-size pickup, small pickup and minivan segments ticked up the most by 0.43 percent, 0.28 percent and 0.16 percent, respectively.
Turning next to Black Book’s representatives in the lanes, reports back to headquarters covered the spectrum.
First out in California, the watcher said, “Lots of action; almost everything seemed to be selling well with trucks and SUVs leading the way.”
Next door in Nevada, a similar scene unfolded as Black Book heard: “Dealers are trying to keep their lots full with a lean toward older, lower-price vehicles.”
And continuing out West, the report out of Colorado was, “Good sale but short on vehicles this week. The vehicles that were there sold well however.”
In the Southeast, dealers appeared to back off a bit. In Georgia, Black Book’s auction visitor said, “Inventory and attendance was way down, but prices were stable overall.” And in Florida, the report indicated, “Sellers were holding out for higher bids today, creating more no-sales.”
The last two auction recaps came from the Midwest and Northeast. In Michigan, Black Book’s representative gathered an inkling about how units are turning by reporting, “Dealers are saying that late models are under pressure in the retail world, but the market seemed to stabilize at the auction today.”
And over in Pennsylvania, the action was, “Most of the buying at the high-line sale was done online, while the regular sale was a stark contrast with crowded lanes. Sales percentages were good for both sales.”