Depreciation in Canadian wholesale vehicle values picked up speed last week, but remains slower than pre-COVID declines, according to the latest Market Insights report from Canadian Black Book.

Overall, wholesale vehicle values fell 0.19% last week, compared to a 0.16% decline the week before, CBB said. The average for the same week of 2017-2019 was a decline of 0.25%.

Truck/SUV depreciated picked up from 0.15% to 0.26%, but again trail the pre-COVID decline (0.29%).

The decline in car values moderated from 0.17% to 0.10%, CBB said. The 2017-2019 average is a decline of 0.22%.

Two car segments (compacts, up 0.56%; subcompacts, up 0.52%) showed growth. Midsize luxury crossover/SUV (up 0.53%) was the only truck segment to increase and minivan prices were steady.

The rest of the car and truck segments decreased.

CBB said about 41% of segments had price changes of over $100.

“The Canadian wholesale market continued its downward trend, with overall pricing movements broadly consistent with the prior week,” CBB said in the analysis.

Sales rates at auctions last week averaged 46.2%, with observed rates ranging from 16% to 77.2%, CBB said.

“Results continue to be influenced by seasonal trends, political conditions, and sellers maintaining firm floor prices,” analysts said. “Auction inventory has returned to more typical levels; however, upstream channels continue to receive priority access to available units. Demand for high-quality vehicles remains resilient on both sides of the border.”