Perhaps the last week of January might seem like eons ago since that stretch has included distribution of tax refunds, a spike in fuel prices triggered by conflict in the Middle East and general unpredictability that sometimes can surface in the car business.

But at the auction, that timeframe has seen the sales conversion rate remain at or above 60%, with last week’s reading coming in at 63%, according to the latest installment of Market Insights from Black Book.

“Late-model units (2024–2025) traded mostly within clean-to-above-clean ranges, reflecting generally stable conditions across core segments,” Black Book said in the report. “Some configurations showed signs of softening even at lower mileage, with outcomes driven more by trim and retail readiness than model year alone.

“SUVs and trucks remained primary demand drivers, though full-size SUVs held more consistent results than smaller segments,” analysts continued. “Certain higher-spec or higher-mileage units experienced unexpected softness, highlighting increased selectivity among buyers. Participation remained strong but disciplined, with limited willingness to stretch on pricing.

“Overall, the market trended stable but uneven, with demand shaped more by specific vehicle attributes than broad segment strength,” Black Book added.

Price movements in the car department illustrated Black Book observations.

For example, after seven consecutive weeks of increases — averaging 0.33% per week — values for compact cars declined by 0.24% last week.

But analysts pointed out that prices for compact cars less than 2 years old still rose 0.16%, extending a streak of value upticks that began 14 weeks ago.

Also, Black Book noticed overall prices for full-size cars slipped by 0.36%.

However, analysts said values for full-size cars less than 2 years old and ones between 8 and 16 years old increased by 0.70% and 0.15%, respectively.

In the truck department, Black Book watched a streak of 11 consecutive weeks of value gains for full-size pickups end. After averaging a price rise of 0.48% per week, analysts said values for full-size pickup segment edged down by 0.04%.

Meanwhile, Black Book noticed price increases for compact crossovers continued. The streak is now at 11 weeks in a row with an average value gain of 0.42%, according to Black Book tracking.

With the close of April straight ahead, will conversion rates stay at current levels?

“As always, our team of analysts are focused on keeping their eyes on the market for developing trends and gathering insights,” Black Book said.