Make it five weeks in a row of wholesale values moving higher fueled by the 2019 spring market.
According to this week’s Market Insights report from Black Book, editors noticed several car segments continued to show strong week-to-week retention, especially vehicles that might turn with buyers looking to stay within a budget.
“Broad strength in the used-vehicle market continues. Last week marked the fifth consecutive week for positive adjustments to values,” Black Book executive vice president of operations Anil Goyal said in the latest report.
Based on volume-weighted data, Black Book indicated overall car segment values increased by 0.24% last week. That figure is on par with the two-week average, which was 0.27%.
Editors noticed values of compact cars increased the most, rising by 0.66%.
Again stemming from volume-weighted information, Black Book determined overall truck segment values (including pickups, SUVs, and vans) increased by 0.16% last week. That level is nearly double the two-week average of 0.09%.
In truck space, editors mentioned sub-compact crossovers and compact vans generated the highest increases, climbing by 0.49% and 0.36%, respectively.
Turning next to what Black Book’s lane observers spotted at nearly 60 sales nationwide, the anecdotes reflected a busy spring market. Here is the rundown:
— From Florida: “The vehicles with low CRs struggled more than usual. On the other hand, trucks in good condition brought really good money.”
— From New Jersey: “One of the lanes I watched had 96 vehicles consigned and sold 58. Of the 38 no-sales, 15 were cars and 23 were SUVs. Overall, cars seemed to draw more interest and command more money.”
— From Washington: “There was a nice variety of good, clean units, but overall, the consignment was down.”
— From Pennsylvania: “Not as many buyers as last week, which resulted in an average sale.”
— From Michigan: “Consignment was lower and prices were higher. Dealers are scrambling to acquire more vehicles.”