Canadian wholesale vehicle prices show record weekly gains
The new-car production logjam is impacting Canada’s used-car market, too.
Canadian Black Book said in an analysis Tuesday that wholesale vehicle prices last week hit record weekly gains for both car and truck segments.
The overall market was up 0.58% week-over-week, compared to the prior week’s gain of 0.43% and the 2017-2019 average hike (for the same week) of 0.09%, according to CBB.
Car prices climbed 0.39%, up from a 0.30% increase the prior week and the 0.01% average for 2017-2019
There was a 0.76% increase for truck/SUV segment prices, versus the 0.55% prior-week game and up from the 0.19% average hike for 2017-2019,
Every truck/SUV segment and every car segment showed gains for the week, CBB said.
The most significant on the car side was for the full-size car segment (up 1.42%). Within trucks/SUVs, the full-size crossover/SUV had the strongest hike at 1.51%.
“The Canadian wholesale market strengthened further this week with truck, SUV, and car values all moving further in the positive week-over-week territory. … Inventory remains tight while demand continues to grow, leading to these gains in value,” CBB said in the analysis looking back at last week's wholesale activity.
“Sell rates remain strong this week as buyers continue to demand inventory and are appearing more willing to adjust to sellers' expectations especially in the truck segment,” CBB added. “This high demand at auctions is expected to continue this week as the warmer weather increases consumer demand, causing dealers to continue to replenish used inventory.”