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The first week of March started off as expected with sales rates continuing to increase across the country.
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Now in week three of February, we continue to see the wholesale market improving.
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The reduction in weekly depreciation that started a couple of weeks ago continued again last week, with the market reporting the lowest overall depreciation we have seen since the end of June 2022.
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Early signs of a potential Spring bump in the market are starting to emerge with the Sporty Car segment reporting an increase for the second consecutive week.
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Last week, wholesale price declines lessened, coming in at a level on par with last July (apart from the weeks around Thanksgiving and Christmas when volume and conversions were down), before the declines began to accelerate for Q3 and Q4.
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With two weeks of the new year now behind us, the trends that we ended 2022 with are continuing into 2023.
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With 2022 fully in the rearview mirror, we can begin to evaluate the years performance: the overall market finished down 22.9%, with Cars down 22.7% and Trucks down 23%.
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The year closed out with another week of above average weekly depreciation.
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With the holidays approaching, auction lanes are following the trend of past weeks of being slow.
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Sales rates continue to be less than ideal, with many buyers exercising caution for fear of loading up on inventory that does not turn quickly, especially when values are experiencing heavy declines week after week.
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