Along with revisiting what’s going on with 2023 and 2024 model year full-size pickups, Black Book gathered its wholesale market observations while some of the company’s top executives and experts were in Scottsdale, Ariz., for Used Car Week.

What Black Book reported on Tuesday was an overall wholesale market decline of 0.46% last week, which was 24 basis points less than what analysts spotted during the same week in 2017 through 2019 before the pandemic’s arrival.

“Last week, the market maintained a stable trend for this time of year, with steady declines averaging about 0.50% per week,” Black Book said in its newest installment of Market Insights.

“Last week’s overall car and truck market showed less depreciation compared to the previous week, indicating relative stability in the wholesale market,” analysts continued. “The largest depreciation was observed in full-size cars and minivans. Despite this, the market remained stable, with a slight increase in total volume across the country. Auction conversion rates continued to stay high.”

Black Book noted that last week’s auction conversion rate came in at 57%, while analysts said their estimated used retail days to turn is now at roughly 49 days.

After going through those overall numbers, Black Book touched on another specific vehicle segment that’s been addressed previously.

Analysts said, “2024 and 2023 model-year 1500 series trucks year-over-year price spread between these years is tightening due to significant incentives on new 2024 trucks. This has resulted in used 2024 models being sold at auction prices that are remarkably close to those of the 2023 models.

“This price convergence typically occurs when newer models have strong incentives or when the demand dynamics between model years shift substantially,” Black Book added in the report.

One other vehicle segment highlighted in the latest Black Book update also involved vehicles that can move people and things.

Analysts pointed out minivan experienced a significant value decline last week, decreasing by 0.91%. That came after a drop in price of 0.86% a week earlier.

Over the past six weeks, Black Book said minivans have posted an average weekly value decline of 0.75%.

With auctions, dealers and the rest of the automotive industry set to celebrate the day for being thankful, analysts said, “From all of us at Black Book, we extend warm wishes for a wonderful Thanksgiving!

“As always, our team of analysts are focused on the keeping their eyes on the market for developing trends and gathering insight,” Black Book went on to say.