Wednesday also meant there were exactly three weeks left in 2025.

And what Black Book noticed in the wholesale market last week reflected what auctions, consignors and dealers typically experience when there’s only that much time left on the calendar.

According to the newest installment of Market Insights, wholesale prices retreated by 0.78% as the auction conversion rate came in at 57%.

Black Book also mentioned its estimated used retail days to turn is now at roughly 37 days.

“Auction performance remained firm-to-strong this week, with a 57% conversion rate and solid in-person and online participation,” analysts said in the report.

“Following the Thanksgiving slowdown, depreciation resumed across much of the market; however, the pace of declines remained moderate and did not return to the steep drops — over 1% per week — seen in late October and early November,” Black Book continued.

“Current depreciation rates are consistent with typical seasonal patterns for this time of year, reflecting the impact of elevated new-car incentives and the resulting pressure on used-vehicle values,” analysts went on to say.

Perhaps feeling that pressure most are subcompact cars, as Black Book watched values for those vehicles soften by 1.13% last week. Over the past eight weeks — excluding the holiday week — the segment has averaged a weekly decline of 1.16%, according to Black Book tracking.

Analysts touched on couple other value movements of note, including:

—Prices in all 13 truck segments decreased, with four categories falling by more than 1%

—Cars less than 2 years old dropped by 0.56%

—Trucks between 8 and 16 years old decreased by 0.73%

—Small trucks less than 2 years old declined by 0.50% a week ago after six straight weeks of price drops exceeding 1%

“Late-model units continued to hold closest to guide values, while older or rougher inventory experienced mild depreciation,” Black Book said. “A slight rebound was noted in luxury and full-size SUV values, while rough or high-mile units continued to lag heading into year-end.

“One notable trend this year has been the consistent volume of large OEM sales each week, a pattern that shows no signs of slowing as we move deeper into December,” analysts continued.

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