Canadian wholesale value decline slows for a week
Image courtesy of Canadian Black Book.
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The decline continues – just a little more slowly.
Canadian Black Book’s weekly Market Insights showed the Canadian wholesale used-vehicle market fell by 0.20% for the week ending Aug. 24, a bit less of than the 0.28% drop of the previous week.
Cars segments’ values strengthened significantly, down 0.25% compared to the previous week’s 0.44% fall. Unlike last week, one car segment — subcompacts — gained value, though just $4. On the flip side, three segments fell more than $100, with full-size cars down $129 (0.6%), premium sporty cars down $152 (0.18%) and prestige luxury cars down $275 (0.41%).
Trucks were down 0.16%, boosted two segments that gained value. Full-size pickups soared $259 (0.77%), while full-size crossover/SUVs rose $106 (0.27%). Three truck segments lost $200 or more for the week: full-size luxury crossover/SUVs ($254, 0.40%), midsize luxury crossover/SUVs ($212, 0.51%) and full-size vans ($200, 0.58%).
Retail prices remain mostly steady, with the 14-day moving average coming in at $34,200, down $200 week-over-week, and monitored auction sale rates stabilized, ranged from 26% to 76%.
CBB’s analysts noted some good economic signs, with Canada’s yearly inflation rate down from 2.7% in June to 2.5% in July 2024, the smallest rise in consumer prices since March 2021. In addition, the Canadian dollar value rose to $0.742, up from $0.732 a week prior.
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The analysts noted a shift in the U.S. wholesale market as its Labor Day holiday approaches. The overall market remained unchanged for the week, with trucks actually gaining value, up 0.05%, with cars’ depreciation of 0.14% “slowing to a typical seasonal decline for this time of year.”
