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Typically, the last week of the year is strong for retail sales, but this year with high interest rates and used vehicle prices on a steep downward decline so far this quarter, we will have to wait and see how the year finishes.
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Wholesale price depreciation picked up last week in both the car and truck segments.
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The estimated average weekly sales rate fell to 53% last week, the latest report shows.
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All segments experienced big decreases. Premium sporty car continued to defy the trend with typical seasonal patterns.
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Higher wholesale depreciation than is typical for the season returned in many segments last week.
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The truck submarket fell the most and more than the week before, all 13 segments declining.
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Market remained stable for the month, despite United Auto Workers strike.
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Market depreciation last week was below seasonal patterns, and one truck segment actually rose.
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The wholesale vehicle market hummed last week as values fell in line with the season, contrasting with the period before the Detroit strikes.
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Wholesale floor prices rose last week, and auction business slackened as ongoing Detroit strikes brought buyer restraint.
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