Black Book reported that auction conversions averaged 59% last week, which was down 2% from previous week. Analysts explained the dynamics in play, saying that overall movement is “reflecting selective buyer appetite and continued seller resistance.

“Performance varied widely,” Black Book continued in its newest edition of Market Insights released on Tuesday. “Some closed and captive sales lanes exceeded 75–90%, while open and general inventory lanes struggled below 50%.

“The market remains in a late-Q3 softening cycle, but the pace of decline has moderated, leaving conditions more stable than earlier in September. Dealers continue to bid selectively, prioritize value,” analysts went on to say in the report.

Perhaps dealers are using that strategy because it reflects nicely in their retail business. Black Book indicated its estimated used retail days to turn is now at roughly 35 days.

Black Book said all those dynamics came together to push wholesale values down by 0.26% last week, with some specific segments generating attention-getting price adjustments.

Among some of the notable moves:

—Prices for subcompact cars dropped 0.49% last week after a 0.73% decline a week earlier

—Prices for 8- to 16-year-old cars decreased 0.41%

—Depreciation of full-size pickups eased to 0.19%, following two weeks of steeper declines of more than 0.30%

—Values for minivans between 8 and 16 years old increased for the second straight week, climbing by 0.11%

Eight of nine car segments and all 13 truck segments dropped in price last week, according to Black Book tracking.

What might happen next as the used-car industry moves toward the end of the month and quarter?

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