Black Book watched auction conversion rates drop 4% week-over-week to settle at 58% during the timeframe that ended on Saturday.

Analysts explained what might have happened through its newest edition of Market Insights, which also showed overall wholesale values ticking 0.19% lower.

“The wholesale market remained stable but selective this week,” Black Book said in the report released on Tuesday. “Buyer participation and online activity remained strong, though bidding was concentrated on the most desirable inventory, reflecting a disciplined approach that prioritized segment desirability, condition, and retail demand over mileage alone.

“Luxury and near-luxury cars continued to outperform, posting modest gains, while mainstream crossover and SUV segments remained under pressure, highlighting buyers’ focus on retail demand rather than mileage alone,” analysts continued.

“Truck segments experienced the greatest weakness, contributing to an overall 0.23% decline in truck values, compared to a modest 0.08% decline in car values. Pricing across most mainstream segments remained predictable, with fewer premium sales and limited volatility,” Black Book added.

“Overall, buyers remained engaged but disciplined, supporting a market characterized by stable values, selective purchasing, and modest depreciation trends,” analysts went on to say.

Delving deeper into segment data, Black Book noticed:

—Values for 8- to 16-year-old subcompact cars increased 0.35% last week, recording gains in 15 of the past 19 weeks. In sharp contrast, 0- to 2-year-old models have declined for seven consecutive weeks, while 2- to 8-year-old models have decreased in seven of the last eight weeks.

—Prices for near-luxury cars rose 0.23% last week, marking the seventh increase in the past eight weeks.

—Value gains were limited across truck segments last week, with only one of the 13 segments of units 2 to 8 years old increasing in value.

“While full-size pickups saw depreciation ease considerably last week, small pickups moved in the opposite direction. After nearly stabilizing the prior week at 0.01%, the segment recorded a larger decline of 0.17% last week, signaling a modest increase in depreciation pressure,” Black Book said.

As auction conversion rates dropped, Black Book pointed out its estimated used retail days to turn stay steady at roughly 34 days.

With the end of the month and quarter straight ahead, Black Book reiterated, “As always, our team of analysts are focused on keeping their eyes on the market for developing trends and gathering insights.”