Wholesale values have dropped for both cars and trucks as COVID-19 continues to take a toll on the auction industry, with more auctions being forced to close due to state mandates, according to Black Book
Overall car segment values decreased 0.65% last week, though not nearly as low as segment value decreases of 1.04% from last week. Meanwhile, overall truck segment values decreased 0.73%% last week.
This is in stark contrast to the low depreciations and in some cases increases experienced before the pandemic, according to Black Book. No sale rates have remained high amid the outbreak.
Further still, low fuel prices have also lowered the demand for the fuel efficient sub-compact and compact segments. As with the cars, the fuel efficient and higher priced truck segments are seeing values drop the most. For the car segment, sub-compact cars saw the most significant drop with a 1.24% decrease, and, with trucks, full-size luxury crossovers/SUVs were down by 1.23%.