After loading up on cars during the first few weeks of 2020, dealers appear to be turning their inventory-management attention to trucks and SUVs.
Data and anecdotes from representatives working the lanes contained in the newest Black Book Market Insights report offered more details as the spring market begins to show stronger indications of arrival.
“This week, cars took a backseat to trucks and SUVs as the larger vehicles showed their first real signs of spring-market strength,” Black Book executive vice president of operations Anil Goyal said in the latest report.
According to volume-weighted data, Black Book determined overall car segment values decreased by 0.11% this past week. That reversed the prior week’s movement, which included an uptick of 0.04%.
After four weeks of increases, analysts noticed the midsize car segment leveled off and decreased by 0.14%.
Looking again at volume-weighted information, Black Book reported overall truck segment values (including pickups, SUVs, and vans) softened by just 0.03% last week. Analysts indicated this dip is the smallest week-over-week change since last May.
In the truck world, Black Book mentioned values of the affordable sub-compact crossover segment continued an upward pattern as they now have climbed four out of the past five weeks.
As far as what Black Book representatives shared from attending nearly 60 sales nationwide, the highlights included that shift toward trucks and SUVs. Here is the rundown:
— From Indiana: “Had a lot of off-lease and rental units in the sale today and they all sold pretty well. Prices seem to be experiencing an uptick.”
— From Tennessee: “Crossovers were hot today. Dealers tell me that January was just OK, but February has started off better.”
— From Pennsylvania: “We had higher sales percentages this week with SUVs and trucks leading the way.”
— From Georgia: “The sale rate was down to around 50%, but the vehicles that sold brought strong money.”