Consumers might have been elbowing each other for bargains this past week, but it appears dealers were not behaving similarly as auctions held their sales around Thanksgiving.
As a result, Black Book’s newest Market Insights Report showed that prices for both cars and trucks didn’t soften as much last week as they had during the previous month.
“Used-vehicle values were stable with the abbreviated auction schedules last week, and most auto auctions experienced lower demand,” said Anil Goyal, executive vice president of operations, for Black Book as a part of the latest report.
Editors indicated that their volume-weighted data revealed overall car segment values decreased by 0.41 percent last week. In comparison, car values had decreased by 0.63 percent on average during the previous four-week period.
Among cars, Black Book noticed the full-size car segment experienced the biggest drop, sliding by 0.77 percent or $85.
Again volume-weighted, editors pointed out that overall truck segment values (including pickups, SUVs and vans) softened by 0.23 percent last week. That reading is less than half of what editors spotted during the prior four-week stretch when truck values had dropped by 0.48 percent on average
In the truck space, Black Book found that the minivan segment performed the worst, slipping by 0.50 percent or $40.
Turning next to what Black Book representatives gathered from sales nationwide, observers described how dealers might have been spending a little time with friends and family or back at their lots helping customers finalize deliveries if their shopping list included a vehicle.
Here’s the rundown:
— From Michigan: “Not a lot of demand today, and as a result the market was similar to the weather, which was not good.”
— From Massachusetts: “The consignment was good, but the weather affected the attendance. The money was better than last week but still lagging.”
— From Indiana: “Consignment and attendance were both down today. Retail has slowed but most dealers remain optimistic about the market.”
— From Georgia: “Despite the cold and rainy weather, the in-lane attendance was good, and the bidding matched. There was a hesitation among dealers to avoid buying to over stock.”
— From Wisconsin: “Dealer bidding was active on some lanes and non-existent on others. Hit or miss for sure.”