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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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Mixed messages come with market upheaval from the United Auto Workers strike. The strike's duration will determine used car pricing impacts.
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All car and truck segments declined last week. Market watchers are waiting to see if and how the United Auto Workers strike could affect wholesale prices, but it was too early to tell.
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The full-size luxury crossover/SUV segment had the largest decline at 1.99%, setting a record as its largest single-week decline.
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With the large declines in the market, buyers are being more hesitant to pay any extra money for inventory.
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The pace of wholesale price changes picked up last week as inventory and incentives continued to increase.
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After three months of accelerated wholesale price drops, the first week of August brought the largest single-week decline in the overall market since October.
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The compact car segment had the largest decline among cars, though it was still less than the prior week’s decline of 0.94%.
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