Wholesale prices dropped another 0.56% last week, according to Black Book’s newest installment of Market Insights.

“Depreciation accelerated last week across nearly every vehicle segment,” analysts said. “However, due to the strength of this year’s spring market, current pricing remains above levels seen at the start of the year.”

Black Book also reported last week’s auction conversion rate came in at 60%.

“Overall auction inventory has remained stable over the past month, but the auction conversion rate has increased, reflecting stronger buyer activity at current market prices,” analysts said in the report distributed on Tuesday.

What also caught Black Book’s attention from last week’s data were the most significant value declines among two specific vehicle segments.

Analysts noted prices for near luxury cars dropped by 0.80%, which was the steepest weekly downturn for those vehicles since February 2024.

Analysts also said values for subcompact crossovers/SUVs declined by 0.83%. The 10-week average depreciation rate of for these units was 0.64% per week, according to Black Book tracking.

“These movements may indicate that seasonal depreciation is beginning to accelerate,” Black Book said.

Another vehicle segment making a notable value move was compact cars, which posted a price decline of 0.75%. Black Book indicated compact cars have averaged a weekly value drop of 0.58% over the past 10 weeks

All told, the 22 vehicle segments tracked by Black Book softened in price last week.

Finally, Black Book mentioned the estimated used retail days to turn is now at roughly 41 days.

“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.