In some places, the coldest temperatures in months have been recorded recently. Some locations already are seeing snowflakes.
And wholesale prices are cooling too, according to Black Book.
Anil Goyal, executive vice president of operations for Black Book shared in the newest edition of Market Insights that, “Last week, used-car values experienced the highest depreciation since January this year — driven by rising no-sales noticed at several auto auctions.”
Volume-weighted, editors found that overall car segment values decreased by 0.69 percent last week. In comparison, Black Book pointed out that market values had decreased by only 0.36 percent on average during the previous four-week period.
Among cars, editors shared the compact car, midsize car and sporty car segments experienced the biggest drops as declines ranged from $72 to $128.
Over the truck side, Black Book’s volume-weighted data showed overall truck segment values (including pickups, SUVs and vans) softened by 0.48 percent last week. That rate is nearly double the average that editors noticed during the prior four-week stretch that produced a 0.26-percent average decline.
For trucks, Black Book pointed out the midsize crossover/SUV segment performed the worst, sliding by 0.74 percent or $115.
Turning next to what Black Book representatives witnessed when attending nearly 60 sales, that no-sale activity Goyal referenced surfaced in multiple locations.
First from Wisconsin, “Rising no-sales are putting pressure on the consignor to lower the floors.”
And then in Nevada, “A softer sale this week with more no-sales than we have had in two months.”
As well as in South Carolina, “The sale started off promising before moving to mostly no-sales. The $5,000 price range was popular today.”
Two other anecdotes described what else is happening in the lanes nowadays.
Out of the Northwest, Black Book’s representative in Washington mentioned, “The dealers still present a positive sentiment as we had a good run of vehicles with a good selection of nice units.”
And finally in the Midwest, an observer in Illinois offered, “A new-car dealer stated that he purchased more vehicles than normal to take advantage of the falling market.”