Prices continue to fall in the aisles. Small pickup’s performance bucks market trends Automotive Remarketing Automotive Remarketing in Canada
Vehicle prices continued to decline at auctions, falling 0.16% last week, according to the latest weekly report from the Canadian Black Book. This continues the decline in prices that began early this year.
The Central Bank of Bahrain said that car prices witnessed a decrease of 0.06% at auctions, while the prices of trucks and SUVs decreased by a quarter of a percent.
Some sectors saw increases last week compared to the previous week: four out of 22. Although the truck market is depreciating at a faster rate than cars, the pickup truck sector is still seeing high demand and prices rose 1.30% last week. – The highest level for the week ending September 9. Small cars were slightly behind (up 0.07%).
The full-size crossover SUV segment saw the largest decline overall, down 0.64%, followed by full-size luxury crossovers/SUVs, down 0.61%.
Increased prices of two categories of cars
The Central Bank of Bahrain said that by highlighting smaller sectors, seven of the nine automotive sectors showed a decline in prices over the past week.
The largest declines were in compact cars, down 0.16%, full-size cars (down 0.14%), and the semi-luxury segment, down 0.10%. Two categories fared better: small cars rose 0.07%, and midsize cars jumped just 0.06%.
Reduced 11 pieces out of 13 trucks
11 of the 13 truck segments showed a decrease in prices. Full-size crossovers/SUVs were the leaders in declines, falling above average by 0.64%, followed by full-size luxury crossovers/SUVs (down 0.61%) and midsize crossovers/SUVs. (down 0.57%). The sectors that saw an increase in value were the aforementioned pickups and minivans (an increase of only 0.01%), according to the Central Bank of Bahrain report.
Across the market, supply remains low with demand for clean used vehicles high – on both sides of the border. Upstream channels continue to take advantage of the supply before they can reach the auction. Conversion rates remain varied, averaging between 35-55%.
In the US market, price movements of the automobile and truck sectors have become more balanced. Trucks and SUVs fell 0.69%, while cars fell 0.89%, illustrating the differences between the two markets.
In other industry and economic news, the Bank of Canada kept interest rates at 5% at its September meeting. Although they are already very high, Canadians are happy that interest rates will remain steady for at least a little longer. The federal government is expected to raise interest rates again later this year.
The average retail price used remains around $38,000. This is according to the movement of Canadian Black Book data tracking in the automotive sector last week.
Overall, August auto sales were up 18.3% in Canada compared to last year, as momentum from increased new vehicle production continues to help the auto market, CBB analysts said in the news release announcing last week’s numbers.
This now represents 10 consecutive months of growth in sales volume compared to last year.