As wholesale prices for compact vehicles continued to soften, Black Book representatives in the lanes last week noticed a significant amount of dealers sat on their floor-plan wallets stemming from the frequency of units that rolled over the block without the hammer finalizing a sale.

According to the latest Black Book Market Insights report, the place where auction observers spotted no-sales happening more often a week ago occurred in Florida as one representative said, “There were quite a few no-sales today with an overall soft market.”

Another member of the Black Book team stationed in the Sunshine State mentioned, “Sellers didn’t get what they wanted for trucks today. There were many no-sales but some dropped their floor to make the sale.”

Meanwhile down in Texas, the lane watchers indicated, “Attendance and consignment were both low today but what sold brought really good money.”

And in Illinois, Black Book reported, “Buyers felt as though prices were higher somewhat this week compared to last.”

Soft conditions were noticed in Tennessee, too: “The market trend in this location was a bit slow today but clean full-size trucks are still in strong demand.”

Trucks also were keeping ringmen busy in Washington as a Black Book representative said, “Strong market at this location with 4WD trucks in demand.”

With demand for trucks still in place, Black Book editors noticed after reviewing their volume-weighted data that overall truck values decreased by 0.30 percent last week. The average depreciation rate in truck segments was 0.15 percent during the previous eight weeks.

As far as cars, overall volume-weighted car values decreased by 0.47 percent last week. Black Book pointed out this movement is worse than the average depreciation rate of 0.27 percent seen in the previous four weeks.

What triggered that overall decline a week ago were prices for subcompact cars and midsize cars experiencing a significantly higher drop in value of 0.87 percent and 0.79 percent, respectively.

Last week’s data also indicated compact van, subcompact crossover and minivan segments sustained the largest decreases at 1.59 percent, 0.79 percent and 0.65 percent, respectively.

Furthermore, three of those segments showed the greatest single-month valuation drop: subcompact cars (down 2.4 percent), compact vans (down 2.2 percent) and compact cars (down 1.6 percent).

“Subcompact cars saw the largest drop in values last month and they continue to experience downward pressure as demand is weak and supplies remain abundant,” said Anil Goyal, Black Book’s senior vice president of automotive valuation and analytics.