Black Book noticed two of the most important trends in the wholesale market made notable moves during the first full week of the year.

Analysts said last week’s auction conversion rate rose to 60%, while wholesale values dropped by 0.81%, resulting in the largest single-week overall price decline since mid-December 2023.

“Auction activity was robust last week, with sellers boosting the volume of inventory available and buyers actively participating in bidding and purchasing,” Black Book said in its newest installment of Market Insights released on Tuesday.

The developments prompted analysts to ask in the report, “Were last week’s larger declines in the wholesale market just a temporary fluctuation as the market picks up momentum after the holiday season? Only the upcoming weeks will reveal the answer.”

As that possible answer comes into focus, the movements of some particular vehicle segments could help Black Book find it.

Analysts watched prices for subcompact cars drop by 1.27%, which was the largest single-week decline for those units in a year.

And subcompact cars less than 2 years old sustained even greater depreciation, sliding by 1.68%, according to Black Book.

Meanwhile, analysts indicated values for subcompact and compact crossovers dropped by 1.24% and 1.22%, respectively, which paced the declines in the truck department.

And Black Book said prices for full-size crossover/SUVs decreased by another 1.11% last week. Analysts indicated those units now have sustained an average depreciation of 0.83% over the past six weeks.

While the industry will be gathering next week in New Orleans for annual events hosted by the American Financial Services Association and the National Automobile Dealers Association, Black Book reiterated, “as always, our team of analysts are focused on the keeping their eyes on the market for developing trends and gathering insight.”