Used-vehicle wholesale prices continued to decline heading into the last week of February, and supply has begun to move in the same direction, according to Canadian Black Book’s weekly Market Insights report.

The report showed the Canadian wholesale market down 0.60% for the week ending Feb. 21, led by car segments, which dropped an average of $210 (0.64%). And for the third week in a row, CBB noted a decline in used-vehicle supply, following an upward trend throughout January.

As has become typical, demand for that inventory is high in both Canada and the U.S., and upstream channels continue to get priority sale access to it.

More than half of the 23 segments dropped more than $100 in value during the week, with eight falling more than $200 and five down more than $300: premium sporty cars ($305, 0.37%), luxury cars ($308, 0.80%), compact luxury crossover/SUVs ($322, 1.13%), full-size vans ($547, 1.73%) — which led all segments in percentage decline — and prestige luxury cars (0.98%), which lost $597 in value.

Subcompact crossovers (1.01%, $146), full-size cars (1.18%, $218) and minivans (1.28%, $294) also declined more than 1%. Full-size crossover/SUVs (up 0.23%, $85) and full-size luxury crossover/SUV (0.13%, $78) were the only segments that posted gains.

Auction sale rates averaged 51% with the typical wide variation, from 19.4% to 86.5%, which CBB’s analysts said is being driven by political factors, economic uncertainty and sellers supporting firm floor prices. Retail prices inched up slightly to $37,000, according to CBB’s 14-day moving average of some 198,000 used vehicles listed for sale by Canadian dealers.

The U.S. wholesale market held steady, gaining 13% for the week, led by continued strength in late-model inventory, CBB said, while older units remained softer. The analysts said the 62% auction conversion rate reflected “disciplined, retail-aligned buying in a firm and efficient market environment.”