Vehicle Market Report: March 2023

Entering March, the vehicle wholesale prices market saw a significant increase, which was the largest observed in quite some time.

The last comparable gain was in November 2021. Auction activity remained high, with some vehicles not being sold, not because of a lack of bidding, but rather because sellers are holding onto their minimum prices.

In Mid-March, the market continued to grow with exceeding gains.

Despite being in a period where weaker performance is common, the market still surpassed expert expectations.

The weekly rate of gain was on par with what was observed in 2021. However, the conversion rates did not reach the same levels as in 2021 because sellers were progressively increasing their minimum prices each week and are firmly holding onto those hikes.

As for the last week in March, the market saw another week of atypical gains, with a 0.51% increase.

Among the 22 segments reported, 19 had gains in the last week.

Truck and SUV Wholesale Prices

According to Black Book, from March 26 to April 1, the overall truck segment, weighted by volume, experienced a 0.46% increase. This was the same increase reported in the prior week.

Among the 13 truck segments, 11 increased.

However, the Compact Van and Full-Size Van segments continued to decline, with decreases of 0.24% and 0.10%, respectively.

Despite the decline, the rate of depreciation for these two segments is slowing down.