Black Book observed signs of what analysts called the “summertime slowdown,” as last week included the Fourth of July.

While some auctions and dealers might have backed off a bit because of the holiday falling on a Tuesday, Black Book still saw another 0.47% decline in wholesale values. Analysts added the estimated average weekly sales remained steady at 46%.

“With the holiday last week, many of the auctions had fewer vehicles offered for sale and there were less bidders trying to obtain inventory,” Black Book said in its newest installment of Market Insights released on Tuesday.

“As for valuations, the market continued to decline, but the rate of decline has been consistent in recent weeks, staying below half a percent per week,” analysts continued in the report.

On a volume-weighted basis, Black Book indicated overall car segment values decreased slightly more than the entire wholesale market, softening by 0.52%.

Looking at cars by age, analysts reported prices for 0- to 2-year-old models dipped 0.35%, while prices for 8- to 16-year-old cars declined 0.48%.

Black Book said values for all nine car segments decreased last week, with subcompact cars leading the way with a 1.11% drop. Prices for subcompact cars now have declined for 10 weeks in a row, posting an average weekly depreciation of 0.58%.

Perhaps another sign of that “summertime slowdown,” analysts noticed the sporty car segment declined for the second consecutive week, dipping 0.18% after the prior week’s drop of 0.16%.

Black Book also pointed out that values of near luxury cars decreased 0.74%, representing the largest single week drop for the segment since the middle of January.

In the truck department, Black Book’s volume-weighted data showed overall values decreased at the same pace for two straight weeks, softening by 0.45%.

And the truck consistency appeared when looking at ages of the units, too. Analysts determined both 0- to 2-year-old trucks as well as 8- to 16-year-old models each softened in price by 0.35%.

Black Book found that values for all 13 truck segments decreased last week, with sub-compact luxury crossovers pacing those declines at 0.95%. Analysts said that was the largest single week drop for the segment since the last week of January.

Black Book also mentioned prices for minivans declined 0.87% last week, marking the largest amount of depreciation for those people movers since late December 2022, when the segment declined 1.12%.

Analysts wrapped up their holiday week observations with these comments.

“July started off much like June ended, with wholesale prices continuing to move downward and continued low auction conversion rates,” Black Book said. “The first week of July, we saw a slight increase in auction volume and more repossessions hitting the lanes.

“The 2023 trucks and full-size SUVs that that we see going through the auction are still bringing strong money. It appears that the ‘summertime slowdown’ is in full effect as we move into July,” analysts continued.

“As always, the Black Book team of analysts will keep their eyes on the market, watching for developing trends and insights,” Black Book went on to say.