Canadian wholesale market’s spring momentum begins to show signs of weakening
Image courtesy of Canadian Black Book.
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The spring market began to lose momentum as April passed its midpoint.
According to Canadian Black Book’s weekly Market Insights report, the Canadian wholesale used-vehicle market was down 0.25% for the week ending April 18, a marked increase after four consecutive weeks with declines of 0.15% or less.
The fall was led by full-size vans, which lost $377 in value, a drop of 1.10% for the week, subcompact cars (down 0.86%, $86) and prestige luxury cars (0.56%, $380). In all, seven segments were down by more than $100.
The strength of market continues to be in the pickup truck segments, with full-size pickups gaining $191 (0.47%) and small pickups up 0.13% ($42), though mid-size crossover/SUVs (down 0.13%, $36) and full-size crossover/SUVs (down 0.53%, $244), which also helped fuel a rise in CBB’s Used Vehicle Retention Index in March, both declined this week.
Full-size cars rose 0.15% ($31), while premium sporty cars and minivans posted minimal 0.1% gains.
After peeking its head above the 50% mark to open the month, the auction conversion rate has fallen off a bit the past two weeks, averaging 47.7% last week, with sampled auctions showing rates ranging from 25.9% to 69.6%.
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Used-car retail prices inched upward, with the 14-day moving average listing price at $37,400.
CBB noted a rebound of zero-emission vehicle sales in February, when the federal government introduced its Electric Vehicle Affordability Program, more than a year after it had paused its iZEV rebate program. The report said ZEV sales reached 10.2% of the market, up 47.2% year-over-year.
In the U.S., the wholesale used market was “stable but selective” last week, the report said, with values rising 17% overall, though auction sale rates sank slightly. The increase was driven by late-model SUVs and well-positioned units, CBB said, as buyers “show increasing discipline and sensitivity to vehicle-specific factors” rather than the broader segments.
