This past week, there was a continuing climb in gasoline prices, now totaling an increase of $0.08 per gallon over the past two weeks and narrowing the difference to only $0.11 under the price one year ago.
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The first thing that really stood out over the past week of auctions was the increase in the number of 2013 models that received their initial market driven wholesale values. Black Book editors added 26 different 2013 models with market-based values.
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Black Book’s Ricky Beggs, editorial director for the publication, presented his commentary for the week ending May 3. According to Beggs, several survey reports mentioned a lower level of excitement in the auction lanes, and another report described lane activity as “wait and see.”
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The more prominently stable used-vehicle market was a result of the need to adjust fewer vehicles during the past week than any week of 2013.
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There is still enough interest and used-vehicle demand that, for the past six weeks, at least 60 percent of the adjustments were increases.
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As the week progressed and comments arrived from the Black Book survey personnel, there were primarily three main descriptions of the auction activity and market: steady, good and strong.
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During the last week of March, gasoline prices continued to fall, but only $0.015 this past week, and no single used-vehicle segment seems to show highest overall demand.
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When demand is present, used-vehicle prices will generally increase or at least stay stable. Overall, the market is very stable with segment average changes week over week.
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Black Book recently announced that Ricky Beggs has been promoted to the position of senior vice president, editorial director. Beggs will continue to oversee all of Black Book’s vehicle valuation data and media contacts.
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There was a tremendous amount of activity within the wholesale market this past week. When looking at the last few weeks, the numbers are pretty solid. While expecting solid retention, Black Book has also consistently said the level of retention would not be at those of 2012 and 2011.
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