We rolled into May last week, and the auction world might be finished with spring soon.

Black Book’s latest observations of wholesale values showed the overall market ticked 0.09% lower during the week that closed with the 150th Kentucky Derby.

Despite the spring lift for prices halting, dealers might still be racing for the Winner’s Circle because Black Book said, “robust auction conversion rates at 57% point to sustained demand, even as inventory levels experience a modest uptick.”

With Memorial Day weekend and the unofficial start of summer less than three weeks away, the auction scene might be ready to say farewell to spring for 2024.

“Could the spring bump be concluding? Indications suggest it might be, as the overall market has reported its first drop in seven weeks, but it is too early to say for certain. Nevertheless, this decline aligns with seasonal trends observed before the pandemic,” Black Book said in its latest installment of Market Insights released on Tuesday.

“For the first time in seven weeks, the wholesale market reported a downturn in both the car and truck segments, hinting at the possibility of an emerging broader trend rather than just a temporary setback,” analysts continued in the report. “Despite this decline, it’s premature to declare an end to the spring market as market cycles may exhibit short-term fluctuations that don’t necessarily signal a break from seasonal patterns.”

Overall car prices on a volume-weighted basis dropped 0.06%, according to Black Book tracking.

Most movements within cars were less than 0.1% last week with a couple of exceptions. Analysts noticed prices for premium sporty cars rose another 0.49%, while values for subcompact cars decreased another 0.58% after dropping 0.35% a week earlier.

Black Book reported overall truck segment values decreased 0.10% last week on a volume-weighted basis.

Analysts pointed out that values for full-size vans have now dropped for six consecutive weeks. The most recent decrease was 0.90%, helping to drive the average weekly value decline during that span to 1.06%.

Black Book added that prices for full-size trucks had ticked up for seven weeks in a row. But last week, they edged 0.04% lower.