With Fourth of July influencing the measurements, the newest Black Book Market Insights report indicated both car and truck values remained relatively stable week-over-week.
Out of both segments, editors noticed six vehicle categories maintained their values as depreciation was unchanged, with one additional vehicle category, full-size vans, increasing its value by 0.01 percent.
“Wholesale prices remained stable last week as dealers reported good sales during the Fourth of July weekend,” Anil Goyal, senior vice president of automotive valuation and analytics, said in an analysis .
“Bidding was active in the auction lanes for clean vehicles,” added Goyal, who will be one of the many industry experts on hand for Used Car Week, which begins on Nov. 13 in Palm Springs, Calif. Early bird registration for Used Car Week is already available.
Looking at volume-weighted data, editors determined overall car segment values decreased by just 0.17 percent last week, better than the average weekly decrease of 0.31 percent in values they spotted during the previous four weeks.
Midsize car, full-size car and prestige luxury car segments declined the most by 0.28 percent, 0.28 percent and 0.25 percent, respectively.
Again analyzing volume-weighted information, Black Book indicated overall truck segment values — including pickups, SUVs and vans — decreased by only 0.05 percent last week, better than the average weekly decrease of 0.16 percent in values registered during the previous four weeks.
Full-size luxury crossover/SUV and subcompact luxury crossover values decreased the most among truck segments by 0.14 percent and 0.11 percent, respectively.
As Goyal referenced, Black Book’s representatives in the lane spotted aggressive bidding activity in many places, including:
From Pennsylvania: “The market here is still relatively good with auctioneers rarely having to fish for bids. Dealers are anxious to buy vehicles.”
From Colorado: “Good sale that was similar to last week as the dealers need inventory for the summer market push.”
From Georgia: “Attendance was average and the supply of inventory seemed slightly higher. There was not a lot of haggling between the final bidder and seller as most vehicles were being sold.”
The other two anecdotes from the lanes that Black Book shared stemmed from dealers being mindful of their floor-plan funds before the hammer dropped.
“I had dealers telling me that decent vehicles are very limited. Prices here are surprisingly high,” said Black Book’s representative in Illinois.
And Black Book’s observer stationed in Florida added, “Active sale here today but buyers were really concerned about overpaying. Sellers seemed to sense the normal post-holiday lull and were willing to negotiate in order to sell vehicles.”