Perhaps the timeframe should be considered since the drops in wholesale values and estimated average weekly sales rate reported by Black Book derive from the span that closed during the heart of Labor Day weekend.

Still, Black Book said on Wednesday that wholesale values dropped by another 0.93% last week, while the estimated average weekly sales rate slumped to 59%, which is the lowest point so far this year.

The value decrease registered during the stretch the came during the Saturday of Labor Day weekend is considerably higher than the average dip Black Book recorded during the same weeks in 2017-2019. That average was just 0.12%, according to its newest installment of Market Insights.

On a volume-weighted basis, Black Book indicated car segment values decreased slightly more than the overall market, tumbling 0.95% last week after softening by 0.77% during the previous week.

Analysts determined prices within all nine car segments decreased last week, led by sporty cars (down 1.30%), followed by prestige luxury cars (down 1.25%), near luxury cars (down 1.21%) and compact cars (down 1.01%).

“The sub-compact car segment has been experiencing declines, but the rate of decline has been well below the rest of the market,” Black Book said in the report. “Last week, the segment reported a decline of 0.36%, slightly more than the 10-week average decline of 0.24% for the segment.”

While not quite as much as the prior week’s decrease of 0.95%, Black Book’s volume-weighted data showed truck values dropped another 0.93% while dealers were trying to turn some metal during the holiday weekend.

Like cars, all 13 truck segments sustained value decreases, according to Black Book, with compact luxury crossovers pacing the declines at 1.37%.

Six of the thirteen truck segments reported declines greater than 1% last week. The after the prior week’s even larger -1.86% depreciation.

After dropping another 1.12%, Black Book said: “The full-size luxury crossover/SUV segment has experienced some of the largest segment declines in recent weeks, averaging 1.63% over the last six weeks. But last week, the declines showed signs of slowing down.”

After rattling off all of those price metrics, Black Book offered some closing perspectives to wrap up its latest Market Insights.

“The wholesale channels have remained consistent this last week, with model year 2022 vehicles making more of an appearance in the lanes with low miles and great conditions,” Black Book said. “There were still newer models (model year 2019 to model year 2021) with average condition and average miles.

“Large independent dealers made more of an appearance this week, along with the smaller franchise dealers,” analysts continued. “There was more inventory, and sellers looked like they were holding onto their floors; sales rates have continued to fall week-over-week. For example, there were several model year 2022 trucks with IF/No sales due to sellers’ floors continuing to be high on these new vehicles.”