Black Book has made the call. Spring market 2018 is finished.
This week’s Black Book Market Insights report included that declaration as well as reinforcement of that stance coming via what representatives spotted in the lanes nationwide.
“The spring market season is over as values show mild declines across the board. Mainstream sedans have been in demand in the used market even as sales declined for new sedans,” said Anil Goyal, executive vice president of operations at Black Book.
Volume-weighted, editors determined that overall car segment values decreased by 0.08 percent last week. In comparison, Black Book recapped that values had increased on average by 0.18 percent per week during the previous four weeks.
Likely reflecting summer’s official approach, Black Book pointed out the sporty car segment increased the most in value last week, rising by 0.38 percent.
Again volume-weighted, editors indicated overall truck segment values — including pickups, SUVs, and vans — also softened by 0.08 percent last week, similar to the average drop of 0.07 percent per week that Black Book recorded during the previous four weeks.
Among trucks, editors found the compact van segment increased the most in value last week, surging 0.97 percent higher.
Part of what helped Black Book editors learn the spring market wrapped up for the season included the anecdotes lane representatives collected while attending sales nationwide. The rundown began in Massachusetts.
“For the first time in many weeks, the sellers reported that their results were just OK. This is a change from the robust activity from the last several weeks,” Black Book’s representative in Massachusetts reported.
Down in Georgia, a similar situation unfolded with the lane observer saying, “The prices continue to soften here. An active buyer said that the market had stabilized and prices were no longer going up but starting to drop.”
Out West, the hammer didn’t drop as frequently, either.
“Lots of high-mileage vehicles and no-sales in the lanes today. Dealers are being much more selective,” said Black Book’s lane watcher stationed in California.
While the overall spring market might be finished for the year, Black Book also shared a pair of recaps where the wholesale space showed one last gasp for the season.
From Michigan: “Retail in our area is positive but not exceptional. There was good bidding activity this week at the auction.”
From South Carolina: “Small and midsize sedans continue to be in demand and the buyers are willing to pay up for them.”