Overall Resale Market Continues to ‘Soften’
GAINESVILLE, GA - The overall wholesale market continues to soften, according to Ricky Beggs, Black Book managing editor.
Lack of sales and "buyers less willing to pay asking price" were consistent comments Black Book personnel heard across the country at auctions, Beggs said. "When comparing adjustment amounts, segment trends, and average number of adjustments made each day throughout the week, comments from market personnel was confirmed: the market is continuing to soften."
The overall car segment change was on the minus side for the third consecutive week, he reported. All 10 segments Black Book tracks declined for the second week, averaging a $38 drop.
On the truck side of the market, overall values dipped an average of $32, marking the fifth straight week of softening. Twelve of the 14 segments Black Book monitors showed declines; 11 of the 12 that had slowed dropped even more than the previous week's declines. Compared to the other segments, full-size crossovers and midsize pickups appeared to be the strongest performers.
Despite dropping values, "there is still business being done," Beggs noted, with units bought "for specific needs or to fill a few of the empty holes at the lot."