GAINESVILLE, Ga. -

Black Book’s Ricky Beggs departed last week’s National Auto Auction Association/CAR event, which also featured a meeting of the International Automotive Remarketers Alliance, with the same sentiment as his industry colleagues.

Over several days, Beggs recapped that, “Almost everyone I heard in the presentations and spoke with continues to be amazed at the recent trends in the used-vehicle values as they are steadily increasing. 

“The auction owners and managers are again reporting ultra-high conversion rates,” Beggs shared during his latest video blog entry, “Beggs on the Used Car Market.”

The managing editor went on to mention, “One commercial remarketer, while sitting in the airport late Thursday night, even mentioned values increasing as the sales were held and completed each day throughout last week. Almost everyone relates the changes to a tight supply of inventory and an active retail market with empty holes on the dealers’ lots.”

Beggs went on to stress there were “some great keynote presentations and lively panel discussions throughout the conference.

“Key personnel from dealerships, auctions, and remarketing leaders provided much insight into the current happenings of the market along with their expectations of future trends and processes we might all be looking for,” Beggs added.

On a personal note, Beggs offered his congratulations to a longtime member of the remarketing industry and friend, Virgil Matczak, for his recognition by the IARA.

Beggs also praised another friend, Charlotte Pyle, the current NAAA president and co-owner of Capitol City Auto Auction and Mountain State Auto Auction in West Virginia for being selected as the Remarketer of the Year by Bobit Business Media and Vehicle Remarketing.

Beggs also noted Dan Kennedy of GM Remarketing, “who we have worked with for many years,” was chosen as Consignor of the Year.

“Black Book congratulations to all three of these industry professionals,” Beggs declared.

While Black Book’s Tom Cross and Tim West joined Beggs in Las Vegas for the NAAA/CAR/IARA event, the rest of the company’s editors were busy, too.

The Black Book survey personnel attended more than 60 auctions and all of the editors attended at least one physical auction while also viewing several online throughout last week.

Black Book said editors also attended the Atlanta International Auto Show “to see some of the latest models that are just now, or soon will be, hitting the local dealers’ lots,” according to Beggs.

But what about what used-car dealers can put on their lots now? 

“The market continues to strengthen with 67 percent of the necessary adjustments being increases to the previous day’s published values,” Beggs responded.

“This is slightly stronger than the 66 percent increases of the week before,” he continued. “From these adjustments both the cars and the trucks had positive week over week average values.”

To be exact, Black Book indicated car prices ticked up by $6 week-over-week to an average of $13,942 while truck prices moved $5 higher to an average of $12,672.

Editors determined the last time both cars and trucks increased within the same weekly reporting period was almost a full year ago for the week ending April 29.

Not only were the values strong, editors found the number of changes per day at 2,338 was more than 600 more per day than the previous week and the most active in the past 10 weeks.

Looking specifically at cars, Beggs revealed that seven of the 10 car segments increased for the second consecutive week. The three declining segments were the same ones for both of the past two weeks as prices for prestige luxury cars, premium sporty cars and luxury level cars all softened.

Black Book indicated the two segments with the largest increases were again the compact cars (up $80) and entry level cars (up $58).

Even with gas prices at the pump up again this week to a national average of $3.83 per gallon, Black Book stressed trucks continue to show strong demand and strength.

Beggs said full-size SUVs and midsize crossovers led the way as nine of the 14 truck segments increased for the second consecutive week. He mentioned full-size pickups increased this past week by $3 after declining during the prior the week while compact pickup prices declined this past week after being one of the nine segments that increased the previous week.

Beggs acknowledged, “With all of these positive adjustments, I can’t begin to tell you the number of times this past week that I was asked ‘How long will this strength continue?’

“Based on the supply in the pipeline, the level of retail sales, and the gradually increasing consumer confidence, we feel pretty confident there is positive trending ahead of us,” he replied. “Only you the bidding and buying dealer will determine that for sure.

“We will be on the lanes again throughout the coming week recording the activity and reporting the results,” Beggs pledged. “And as I told many people this past week at the conference, thank you for watching this video and if you see anything of interest or different from what we are reporting, please drop me an email or give me a call as I would love to hear how you are seeing the market. Have a fantastic week.”

Beggs’ video can be viewed below.