Last week marked the end of spring and the beginning, perhaps, of a steadier wholesale vehicle market.

According to the latest Market Insights report from Black Book, the decline in wholesale prices for the week ending June 21 was 0.37%, down from the prior week’s decline of 0.47%. That followed an accelerated decline to open June, as values dropped 0.54% in the first full week of the month.

‘The overall market continues to decline, though the pace is stabilizing and aligning with typical seasonal depreciation,” Black Book analysts said in the latest report.

Car segment prices fell 0.30% last week, compared to a 0.37% drop the prior week. The decline in truck/SUV prices narrowed from 0.51% to 0.40%, Black Book said.

One significant outlier among the car segments was the full-size car, whose 0.81% decline was the segment’s steepest since November.

Of note in the truck/SUV segments was the 8- to 16-year-old minivan. It was down 0.07%, the slightest of drops, but that ended a run of 14 consecutive price increases, Black Book said.

Overall, however, the slimming declines suggest “a more stabilized market compared to the prior reporting period,” analysts said.

The auction conversion rate was down 1% week-over-week at 57%, and there was a “slight increase in total auction inventory levels, signaling potential shifts in market dynamics and supply-demand balance,” Black Book said.

Over at Cox Automotive, senior director of economic and industry insights Jeremy Robb shared some thoughts on June’s wholesale movements on Friday in a Manheim Market Insights video.

“Although we’ve seen some volatility in market trends, both on the upside and the downside over the last few months, June is shaping up to be a pretty normal market with steady trends,” Robb said.

“Wholesale depreciation rates are looking like they do in most years right now, though values are elevated as we rose more in late 2024 and then again in April due to the tariff impacts.”

Robb noted that sales conversion rates are stronger than normal, which indicates strong demand.

Conversion rates are typically the strongest in the spring selling season, he said. Those rates have been higher than usual for the majority of 2025 and have beaten prior-year levels nearly every week.

Typically, after the spring selling season, conversion rates slow down and remain at flat or lower levels for much of the year’s final months, Robb said.

“Right now, we’ve seen conversion rates decline from higher levels in spring markets and higher demand from the tariff impact, but the clear message is that they’re still up and not declining as much as they normally would,” he said.

“This indicates we continue to see stronger demand at Manheim, which is correlated to the tighter used vehicle supply we’ve talked about recently.”

Supply, he said, is “rising ever so slightly,” which is typical for the summer, but is a bit tighter than recent years.