The auction hammer is coming down at a rate Black Book has seen only three times since May 2022.

According to the newest installment of Market Insights released Tuesday, Black Book said the auction conversion rate jumped by 4 percentage points during the last week of February to land at 66%.

The rate hit that level twice during last year’s spring market, but Black Book tracking shows it’s consistently been between 45% and 60% from August 2022 through March of last year.

The auction conversion rate coupled with the estimated used retail days to turn at roughly 37 days, Black Book reported wholesale prices rose 0.22% last week.

“The wholesale market maintained a stable-to-firm tone this week, supported by steady buyer depth across late-model inventory,” analysts said in the report. “Auction conversion reached 66%, up 4% week-over-week, reflecting improved absorption and active participation.

“Full-size SUVs continued to anchor the lanes, delivering consistent bidding activity and reliable sell-through rates,” Black Book continued. “Clean, well-equipped units generated the strongest competitive pressure, while higher-mileage examples remained more selectively received.

“Midsize SUVs showed the widest performance variance, with outcomes heavily influenced by trim, condition, and mileage. Compact and crossover segments traded steadily at clean-level benchmarks, though buyers remained disciplined and value-focused,” analysts added.

Touching on a few specific segments, Black Book said values for midsize cars less than 2 years old continue to gain momentum, rising 0.53% last week and marking the seventh week in a row of increases.

Likely lifted by the spring market, analysts noted prices for sporty cars increased for a fourth consecutive week, with momentum accelerating last week. The average price gain for these units during the previous three weeks was 0.12%, while last week’s value increase strengthened to 0.43%.

Furthermore, Black Book pointed out prices for compact crossover/SUVs strengthened across all age groups (up 0.47% for units less than 2 years old, up 0.48% for units between 2 and 8 years old, and up 0.15% for units between 8 and 16 years old).

So, will lane activity to open March be like a lion or a lamb?

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