The U.S.’s long-awaited — and feared — 25% auto tariff is in effect, and at least for the moment, its effect on Canada’s used-car wholesale market has yet to be seen.

A week after posting its first increase in three years, was down again for the week ending April 8. But, again, just barely.

Wholesale values were down a mere 0.02% for week, according to Canadian Black Book’s weekly Market Insights report, a week after a 0.01% gain broke a downward trend that began in April of 2022.

Ten of the 22 vehicle segments showed gains, but only one — minivans ($141, 0.62%) — was up more than $100.

Full-size pickups (0.26%, $87) and compact crossover/SUVs (0/22%, $57) were the next biggest gainers among truck/SUV segments, which overall were down 0.01%. Full-size cars (0.29%, $56), compact cars (0.22%, $30) and sporty cars (0.12%, $30) had the largest increases among cars, which dropped 0.04% overall.

On the down side, full-size luxury crossover/SUVs ($265, 0.44%), full-size crossover/SUVs ($116, 0.32%) and premium sporty cars ($102, 0.13%) showed the largest decreases.

Auction sale rates declined to an average of 45.5%, with a range from 15.3% to 67.6%.

While the wholesale market looked much the same for now, there was a marked difference in the retail market, with prices taking a turn upward. CBB reported the 14-day moving average rose to $35,500, up $750 from the previous week.

With the threat of tariffs looming in March, CBB noted auto sales boomed to 185,000 units for the month, up 11.4% year-over-year, citing data from Desrosiers Automotive Consultants.

In the U.S., the wholesale market was very active, with auction sales intensifying during the week. Several lanes reported 100% conversion rates late in the week, and prices climbed 0.25%, driven by competitive bidding.