Car segments take a steep dive in Canadian wholesale used market

Image courtesy of Canadian Black Book.
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If there’s one thing that can be said about the trend in the Canadian wholesale used-car market for the week ending June 28, it’s that it was consistent.
According to Canadian Black Book’s weekly Market Insights report, car values were down 0.32%. Truck/SUV segments were down 0.32%.
And overall? You guessed it: 0.32%.
The decline was only slightly greater than the previous week’s 0.29% for trucks and SUVs, but it was a sharp acceleration for cars, which were coming off a gentle 0.6% fall. Five of the nine car segments lost more than $100 in value, led by prestige luxury cars (down $303, 0.45%) and premium sporty cars ($218, 0.25%), and none gained.
Sub-compact cars had the largest percentage drop at 0.69% ($76), followed by sporty cars (0.63%, $185) and full-size cars (0.58%, $133).
Just two segments showed positive values among trucks/SUVs, with minivans up 0.26% ($68) and sub-compact luxury crossovers rising 0.11% ($28). Meanwhile, full-size luxury crossover/SUV values took a massive dive, sinking $842 (1.20% during the week, and full-size crossovers/SUVs fell 0.69% ($299).
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The average auction sale rates remained low at 35.8%, but showed a wide range, from as low as 18.7% to a high of 72.4%. Retail prices held steady, with a 14-day moving average listing price of $37,500 — identical to the previous week.
In the U.S., analysts spent the week trying to figure out where the “new normal” is. As in Canada, U.S. truck/SUV depreciation was stable at 0.42% (compared to 0.40% the previous week), but car depreciation accelerated beyond typical seasonal patterns, from 0.30% to 0.57%. Overall, values were down 0.46%.