Black Book said on Tuesday that the wholesale market is continuing to experience larger than typical value declines for this time of year, as overall prices slid another 0.76%.

But what be even more interesting are the sale day anecdotes analysts shared in their latest installment of Market Insights, which mentioned the estimated average weekly sales rate dropped to 54% last week. That estimate now has been below 60% since before Labor Day.

“Inventory was up last week, which could be a good sign of sellers softening their floors. There were some if sales that trickled in, which is also a good sign that sellers are more willing to negotiate with the buyers,” Black Book said in the new report.

“Buyer count was stable the last couple of weeks, which could mean they are holding firm and trying to negotiate with the sellers. Sales rates were better in certain lanes, but overall, they decreased compared to prior weeks. There are still not a lot of buyers physically in the lanes, but that is not stopping them from bidding online,” analysts continued.

“Franchise dealers took advantage of the absence of the independent large dealers and dominated in the lanes. Rental companies occasionally would show up and compete, but they were not as consistent as the franchise dealers,” Black Book added.

“There are still very few model year 2023 vehicles coming through, but we expect to see more as we close out the year and see more launches of 2024 vehicles. Overall, it seemed to be a stable week in the wholesale market,” analysts went on to say.

What Black Book considered to be a stable week also included overall car values dropping another 0.89% with all nine segments decreasing.

Analysts indicated three car segments posted price declines greater than 1% last week, including compact cars (down 1.01%), near luxury cars (down 1.11%) and prestige luxury cars (down 1.23%).

Black Book pointed out that all three of those car segments sustained value declines exceeding 1% during the prior week, too.

All 13 truck segments posted price declines, as well, resulting in a volume-weighted overall truck segment value decrease of 0.70%.

Analysts said values for compact crossovers dropped another 0.82%, extending a downward streak to six weeks in a row. The average value decrease for those units during that stretch has been 0.86%.

One other note from Black Book on the value front. Analysts determined older vehicles — units aged 8 to 16 years old — are not depreciating as fast.

Last week, those older models depreciated 0.63%. That’s compared with 2- to 8-year-old vehicles that depreciated by 0.76%, according to Black Book.