Just like consumers, dealers are trying to find affordable vehicles.
And the newest Black Book Market Insights report showed both groups might be having trouble achieving that goal.
In fact, analysts determined that overall car segment values rose this past week, mimicking a scenario spotted at this time a year ago.
“History repeats itself with broad market strength in the summer much like last year’s trend. Affordable vehicles showed the highest lift in values,” Black Book executive vice president of operations Anil Goyal said in the latest report.
Volume-weighted, Black Book found that overall car segment values increased by 0.11% last week. In comparison, market values for cars had decreased by 0.30% on average during the prior 4-week period.
Among cars, analysts reported values of compact cars climbed the most, rising by 0.26% or $21.
Meanwhile, volume-weighted information showed overall truck segment values ticked lower, but not by much. Values for pickups, SUVs, and vans softened by 0.08% a week ago; a little more than half the four-week average decline of 0.15%.
In the truck space, values of sub-compact crossovers rose the most, increasing by 0.19% or $21.
Turning next to what Black Book representatives in the lanes noticed when attending nearly 60 sales nationwide, not only are prices on the rise, vehicles in certain conditions are a challenge to acquire. Here is the rundown:
— From South Carolina: “Very few no-sales today and the prices were strong. Once again, the older, higher-mileage vehicles drew a lot of attention and brought really good money.”
— From Pennsylvania: “The auction enjoyed a 70% conversion rate today, which is really strong for August.”
— From Nevada: “Sedans and luxury vehicles were soft this week, but trucks continue to perform well.”
— From Indiana: “There is a continued shortage of clean to extra clean units in the auctions.”