The fall continues for wholesale vehicle values.

Canadian Black Book’s weekly Market Insights report for the week ending May 18 showed another decrease in Canadian wholesale prices, with an overall drop of 0.38%.

Two segments fell more than 1% in value in a week — compact vans (down 1.26%) and sub-compact cars (down 1.19%) — to lead the trend. Other notable drops were recorded by compact cars at 0.90%, full-size pickups (0.75%), subcompact crossovers (0.74%) and full-size crossover/SUVs (0.72%).

The only segment to record a gain in value for the week was full-size luxury crossover/SUVs, which were up 0.15%.

The truck/SUV category as a whole declined 0.40%, while cars were down 0.35%.

CBB analysts noted many of the same trends as in recent weeks but did spot a wider range in conversion rates with sell rates as low as 12% and a high end of 68%. The average of 20-40% was down from 25-45% the previous week.

The 14-day moving average retail listing price for used vehicles fell by $100 to $33,800, based on approximately 220,000 used vehicles listed for sale on Canadian dealer lots.

CBB also noted the annual inflation rate in Canada dropped to 2.7% in April, down from 2.9% in March and the softest rate of consumer price growth since March 2021.

The decline of vehicle prices in the U.S. market accelerated last week, with all but two segments reporting a decrease in value. Overall, values were down 0.24% compared to 0.11% the previous week and 0.16% in the same week of 2023. Truck segments declined 0.29% while cars were down 0.09%.

“Although there was some reduction in auction inventory,” CBB analysts said in the report, “the volumes being sold by the larger sellers, especially in the OEM lanes, are reminiscent of those seen pre-COVID.”