The COVID-19 pandemic continues to impact wholesale values for both cars and trucks, but sales rates have started to increase on the lanes, Black Book reported.
Overall car segment values decreased 1.32% last week, which is consistent with the depreciation rate of 1.31% seen in the previous week, according to Black Book. Meanwhile, overall truck segment values decreased by 1.38%, which is slightly lower than the 1.24% seen in the previous week.
On the lanes, Black Book observed that cheaper, rougher condition vehicles garnered attention, but newer units, up to two-years old, continue to struggle as new car incentives are putting pressure on the used market.
“This past week, we finally saw an uptick in sales rates on the lanes. At the start of the pandemic, we saw dealers tuning into digital sales as spectators, but they are starting to actively participate again," said Laura Wehunt, VP, Automotive Valuations.
Full-size vans continue to be the spot of strength with another week of the lowest weekly change, Black Book found. Earlier in the year, there was an influx of supply on the lanes, but now companies are expecting to hold onto the ones they’ve got as there is an expected shortage later this year due to COVID-19 manufacturing closures, the report from Black Book said.