Black Book reported another wholesale price decline happening at auctions last week, but the decrease wasn’t as significant as analysts spotted earlier this summer.

During the stretch that closed on Saturday, Black Book said wholesale values softened another 0.37%, while the estimated average weekly sales rate continued to improve and ticked up to 49%.

“After a few weeks of heavy declines across the board, the market appears to be leveling off,” Black Book said in the latest installment of Market Insights released on Tuesday.

Illustrating the point, Black Book indicated that overall car prices decreased 0.27% on a volume-weighted basis last week. That’s less than half of what analysts determined to be the car value drop a week earlier when it was 0.59%.

Older cars dropped in value a bit more, as Black Book pegged the decline for cars 8 to 16 years old at 0.40%. Analysts determined the price drop for cars 0 to 2 years old came in at 0.23%.

All nine car segments in Black Book tracking decreased in value last week, with compact cars pacing the drops at 0.66%. Showing stability were several other car segments, including full-size (down 0.001%), sporty (down 0.02%), and midsize (down 0.06%).

Analysts also mentioned luxury car segments also posted smaller value declines than seen in recent weeks. For example, Black Book noted premium sporty prices dipped by just 0.02% last week, compared with a 0.24% decline during the prior week. And values for near luxury cars dropped 0.26% last week, which was less than half the previous week’s decline of 0.58%.

Black Book then turned its attention to trucks where some notable value declines are still happening.

On a volume-weighted basis, overall truck prices decreased 0.41% last week, according to Black Book. That’s slightly less than the prior week’s decrease of 0.50%.

But within the truck database are some segments sustaining some significant value declines.

They include full-size pickups, which have been declining in value for eight consecutive weeks. In fact, Black Book said the segment had the largest single week decline since December 2022, as prices for full-size pickups came in at 0.64%.

Over the past eight weeks, full-size pickups have averaged a weekly price decline of 0.36%.

Also catching Black Book’s attention are compact luxury crossovers, which dropped in price by another 0.85%. Values for those units now have slid for ninth consecutive weeks, with analysts pinpointing the average weekly drop at 0.74%.

Black Book noticed all 13 truck segments reported a price decrease last week. Models ages 0 to 2 years old didn’t drop quite as much as units 8 to 16 years old, as the declines came in at 0.36% and 0.46%, respectively.

“In the auction lanes, demand picked up for some of the car segments that have lower supply. With many manufacturers pulling away from production of sedans, the demand at auction is higher than in some of the SUV segments that are seeing larger depreciation rates,” analysts said in the report.

“Last week, conversion rates continued to show improvement, despite dealers’ days to turn remaining in the 50-plus day range. Additionally, the condition of units is a challenge for buyers that are looking for retail-ready units,” Black Book continued.

As always, the Black Book team of analysts will keep their eyes on the market, watching for developing trends and insights,” Black Book added.