One of Black Book’s representatives stationed in the lanes put it this way: “Quite simply, the buyers were not in a buying mood.”
As a result, analysts reported the highest weekly decline since January in the latest installment of the Black Book Market Insights.
“The used market continues to be soft. Particularly, full-size pickups declined sharply in October, after registering strong retention trends in the year through September,” Black Book executive vice president of operations Anil Goyal said in the report.
According to volume-weighted data, analysts determined overall car segment values decreased by 0.51% last week. Surprisingly, that reading is slightly less than the four-week average, which represented a decline of 0.59%.
Among cars, Black Book noticed the sub-compact and luxury car segments values decreased the most, sliding by 1.03% and 0.67%, respectively.
Again based on volume-weighted information, analysts found overall truck segment values (including pickups, SUVs, and vans) dropped by 0.66% last week. That figure topped the four-week average decrease of 0.58%.
In the truck space, the sub-compact crossover and compact van segments paced the decreases, softening by 1.64% and 2.15%.
Getting back to the anecdotes Black Book collected from the lanes, here is the rundown from representatives stationed at nearly 60 sales nationwide:
— From Washington: “We had a good selection of units, but the sold prices are down on a good percentage of them.”
— From Michigan: “Prices are under pressure from increased inventory and slow retail. Retail here has been negatively affected by the GM strike.”
— From Tennessee: “Small cars along with small SUVs are doing well but the more expensive vehicles do not sell.”
— From Georgia: “It was a tough day today despite normal attendance and almost 3,000 vehicles. Quite simply, the buyers were not in a buying mood, which produced more no-sales and if-sales than I have seen in a very long time.”