Despite the ongoing United Auto Workers strike, the wholesale market for vehicles remained stable in October, reported Black Book Market Insights.
Cautious buyers scrutinized negotiations with major automakers because of the strike, resulting in a slowdown of auction activity in the first week and leading sellers to increase floor prices, the report said.
Over the following few weeks, values continued to drop but at the normalized rate expected before the strike. An unexpected rise was observed in the 8- to 16-year-old truck segments, according to the report. Overall, the market showed lower depreciation than typical for this time of year, the report noted.
The car market was constantly changing, with different trends observed in its various subsegments. The report highlighted:
- The compact car segment seeing a brief uptick after 18 weeks of consistent declines
- The premium sport car segment experiencing multiple weeks of small fluctuations
- The subcompact car segment taking a sharp downturn
The truck and sports-utility vehicle market also showcased a mix of trends, prices fluctuating throughout the segment:
- The small pickup, midsize crossover and compact crossover segments saw occasional upticks.
- Compact vans and minivans recorded notable decreases.
- The full-size crossover/SUV segment has notably depreciated since the beginning of the strike.
Click HERE to view the full Market Insights.
Originally posted on Auto Dealer Today