The run of sagging sales at Canadian auto auctions continues.

In its Market Insights report for the week ending Nov. 8, Canadian Black Book reported the sale rate for monitored auto auctions averaged 23.5%, with a range from 21% to 65.9%.

It’s the fifth consecutive week with an average conversion rate of less than 30%, a span that includes a 22.1% showing for the week ending Oct. 18, which Canadian Black Book analysts have said was the lowest since the early days of the COVID pandemic.

CBB senior manager of industry insights and residual value strategy Daniel Ross previously said the poor sale rates are a sign of “a tough six months ahead” for the Canadian wholesale used-car market.

Wholesale values dropped by 0.32% for the week, with no segments gaining value. Car segments were down 0.26%, with full-size cars taking the biggest fall at 1.11% ($231) — one of four car categories that lost more than $100.

Full-size crossover/SUVs has the largest dollar loss of the week, sinking $372 (0.91%) as truck/SUV segments declined by 0.37% overall. Full-size luxury crossover/SUVs ($302, 0.46%) and full-size pickup ($266, 0.73%) also lost more than $200.

The 14-day moving average retail price fell to $37,150, based on approximately 212,120 used vehicles listed for sale on Canadian dealer lots.

Wholesale values in the U.S. have taken a significant tumble with back-to-back weeks of declines greater than 1%. Black Book analysts said last week’s 1.21% drop “signaled a market under mounting pressure as the ‘K-shaped’ recovery deepens.”

They noted demand for newer and premium vehicles continues among consumers with prime credit, but values for lower-priced segments are sinking “amid tighter financing and increased repossessions,” with the end of the U.S. electric vehicle tax incentive dragging late-model pricing down further.