Normal things you see in October are here: Children excited about Halloween around the corner, homecoming football games and leaves turning into a brilliant array of colors.
And along with those things, even more good news for dealers: Wholesale prices are behaving typical for October, according to the latest edition of Market Insights from Black Book.
“Used-vehicle values are finally experiencing normal depreciation trends for this time of the year, after being unusually strong since spring,” said Anil Goyal, executive vice president of operations for Black Book.
Volume-weighted, editors indicated that overall car segment values decreased by 0.44 percent last week. In comparison, Black Book noted the market values for cars had decreased by only 0.30 percent on average during the prior four-week period.
Within cars, Black Book found that the near-luxury car segment experienced the biggest drop, sliding by 0.81 percent or $126.
Again volume-weighted, editors determined overall truck segment values (including pickups, SUVs and vans) softened by 0.39 percent last week. In comparison, Black Book pointed out the market values had dipped by 0.17 percent on average during the previous four-week stretch.
In the truck space, Black Book said the midsize crossover/SUV segment performed the worst, dropping by 0.57 percent or $88.
Turning next to what Black Book representatives at sales nationwide observed, the opening anecdote mimicked how happy a child might be for getting extra candy at Halloween.
“A buyer for a new-car store was elated that he can finally acquire vehicles at lower prices at the auction,” Black Book’s lane watcher in Illinois reported.
Check out the other four observations Black Book shared to see how they compare to what you’re experiencing:
— From Michigan: “The only vehicles still pulling the strong money are trucks and all-wheel-drive SUVs.”
— From California: “No-sales have been incrementally higher each week for the past few sales.”
— From Georgia: “The conversion rates were good. In fact, most of the vehicles that didn’t sell seemed to have unrealistic floors.”
— From Tennessee: “The consignment was down and there were a lot of no-sales, producing just an OK sale.”