The decline in Canadian used-vehicle wholesale prices picked up pace in the first full week of the new year.

Canadian Black Book’s weekly Market Insights report showed the wholesale market fell 0.48% for the week ending Jan. 11, ending a three-week string of slowing depreciation that was capped by a 0.14% drop in the week ending Jan. 4.

Trucks, which were down a mere 0.06% the previous week, fell 0.62%, with six of the 13 truck/SUV segments losing more than $100 in value, including two — full-size luxury crossover/SUVs (down $419, 0.68%) and mid-size luxury crossover/SUVs ($409, 1.07%) — dropping more than $400. Compact luxury crossover/SUVs (1.12%) and compact crossover/SUVs (1.01%) joined mid-size luxury crossover/SUVs in falling more than 1% for the week.

Compact cars (0.48%), luxury cars (0.43%) and near luxury cars (0.34%), took the biggest falls among car segments, which overall were down 0.32%.

Minivans were the only segment to gain value, rising 0.21%.

Monitored auction sale rates averaged 49.5%, ranging from 28.8 to 80.8%, CBB reported, also noting the increase in supply entering the wholesale market has picked up speed from previous weeks. The 14-day moving average retail listing price helped steady at $34,950.

CBB analysts said auction activity was strong in the U.S., with sellers boosting the volume of inventory available, buyers actively participating in bidding and purchasing as the average conversion rate rose. But the depreciation rate also increased, with the overall market dropping 0.81% — the largest single-week market decline since mid-December 2023.

Regarding Canada-U.S. relations, CBB reported that after meeting with U.S. president-elect Donald Trump at his Mar-a-Lago residence over the weekend, Alberta Premier Danielle Smith said she does not want to make any assumptions but warned Canada must “be prepared” for the possibility of impending tariffs.