LAWRENCEVILLE, Ga. –
Nearly halfway through May and spring might be making a comeback in the auction lanes.
Multiple Black Book representatives made that assessment in the latest Market Insights report that showed a bit of a value rebound when compared to the sharp declines trigged by the coronavirus pandemic.
“Values have continued to trend downward, but the level of bidding activity this past week reminded us of a more traditional spring buying season.” Black Book vice president of automotive valuations Laura Wehunt said in the latest report.
According to volume-weighted data, Black Book indicated overall car segment values softened by 0.41% this past week. Analysts called it a “welcome sight” after three consecutive weeks of greater than 1.30% week-over-week depreciations.
“Spring was in the air for sporty cars as the warming weather drastically slowed the depreciation of this segment down to 0.11%, compared to 0.74% the week prior,” analysts added.
Looking again at volume-weighted information, Black Book determined overall truck segment values (including pickups, SUVs, and vans) decreased by 0.76% last week. As with the car segments, analysts said this reading was a “welcome change” after three weeks in a row of overall weekly depreciations exceeding 1.00%.
Black Book pointed out minivans have been in high supply on the auction lanes and the values are reflecting it with the average weekly change for the last four weeks being a decline of 1.41%.
Turning next to what Black Book sales observers noticed, the anecdotes continued with more references of spring. Here is the rundown:
— From North Carolina: “It had a very Spring market vibe today with the $10,000 and under vehicles being in high demand.”
— From South Carolina: “We finished the day out with our overall sales rate at a little over 70%. We anticipate a lower volume next week due to a lack of repos in A pril.”
— From Georgia: “Cars were definitely in demand at this sale with the majority selling.”
— From Illinois: “We saw an uptick in sales this week with a 91% sale rate at our closed sale.”
— From Florida: “SUVs were in high supply today and sold prices reflected the oversupply.”