The Canadian wholesale used-vehicle market had its ups and down last week.

Canadian Black Book’s weekly Market Insights report for the week ending Aug. 2 showed auction conversion rates rising from the depths of a year-to-date low, while vehicle values took a significant tumble.

At the auctions, the average monitored sale rate came in at 32.1%, which might not sound impressive but is a step up from the previous week’s 23.5% reading. The rates ranged from a low of 15.8% to a high of 62.5%.

Meanwhile, depreciation accelerated, with the overall market down 0.40% following the previous week’s 0.18% drop. Just one segment poked its head into positive territory — barely — with small pickups gaining $15 (up 0.05%), while 13 of the 22 total segments lost more than $100 in value. That group was led by full-size luxury crossover/SUVs, which sank $473 (0.68%), while sub-compact crossovers (1.32%, $223), compact vans (1.11%, $239) and mid-size cars (1.04%, $1.99) were down more than 1% for the week.

Truck/SUV segments as a group were down 0.47% and cars were down 0.31%.

The 14-day moving average of used-vehicle retail listing prices inched up $100 to $37,700, based on some 220,000 used vehicles listed for sale on Canadian dealer lots, the report said.

August began in the U.S. market with moderating depreciation, down 0.37% — still above the pre-pandemic average of 0.25% — after a July that surpassed typical seasonal levels with auction conversion rates remaining steady nationwide.