With observers noticing some cleaner vehicles moving down the lanes, Black Book said its data showed this year’s spring market extending into a seventh week.
This week’s Market Insights report also offered a glimpse into the latest specialty markets as the industry sets its target on summertime wholesale and retail activities.
“Markets registered a slight uptick last week, even after car prices have been up for seven consecutive weeks,” Black Book executive vice president of operations Anil Goyal said in the latest report.
According to volume-weighted data, editors noticed overall car segment values increased by 0.08% last week. That reading is just a portion of the four-week average rise of 0.22%.
In car segments, Black Book reported compact cars showed the most lift in values (rising 0.33%) while prestige luxury cars showed the highest decline (dropping 0.48%).
Again considering volume-weighted information, editors found that overall truck segment values (including pickups, SUVs, and vans) ticked up by just 0.05% last week. That level is half of the four-week average of 0.10%.
Among the truck segments, Black Book determined compact vans produced the highest rise in values (up 1.18%) while full-size luxury SUVs sustained the most significant decline (0.33%).
Turning next to what Black Book lane watchers spotted a nearly 60 sales nationwide, the top anecdotes reflected the possibility that dealers found more vehicles that were front-line ready. Here is the rundown:
—From Pennsylvania: “The auction sold around 65% today which made for a really good sale. We had a good number of clean, front-line vehicles.”
—From Indiana: “Retail is really strong here. Low consignment has resulted in more buyers than sellers.”
—From Nevada: “Several dealers expressed frustration with the low number of units available. The truck values improved but the midsize and full-size crossovers were definitely in demand.”
—From Tennessee: “The quality of the vehicles in many lanes was the best I have seen in a while.”
Specialty markets update
As they do near the beginning of each month, editors also shared their latest observations about the specialty markets. Here is what Black Book relayed:
—Collectibles: So far, Black Book indicated 2019 has been a great year for collectible vehicle auctions. “It seems that every week we hear about another record setting performance,” editors said. “We’re seeing a significant surge in the interest in later model or nearly new exotics, especially if they are ‘as new’ with little or no miles.”
—Recreation vehicles: Spring has officially arrived, according to Black Book, and many dealers have been reporting increased activity on their lots. Editors noted auction volume was up slightly over last month, with wholesale prices increasing as well.
—Powersports: Black Book explained the Powersports market sees steady gains for May as the industry enter the height of the spring selling season. Editors added most segments are up, but by smaller amounts than last month, with entry-level, mid-size, and sport bikes seeing the greatest demand.
—Heavy duty: Whether the need for late model used over the road and regional units is becoming satisfied or not, Black Book acknowledged the miles they are showing on their ECM alone is really affecting their value.
—Medium duty: Editors closed by stating used-truck prices continue to fall as an increase in new and used inventory continues to add downward pressure on the overall market.