Black Book reports used vehicle values fell by 1% in September, led by declines in the compact van and luxury car categories. Only one segment showed improvement.
The firm’s Used Vehicle Retention Index for September increased by 1.9% from a year ago to 116, with all vehicle segments showing increases. The compact crossovers, mid-size crossovers, compact car, full-size pickup, and mid-size car segments were the main drivers.
With the spring selling season now in the rearview mirror, the car segment broke its two-month streak last week of rising wholesale values. Only full-size and sporty cars realized higher wholesale values through the week.
The index has remained unchanged or moved positive in three of the last four months, according to officials. Posting noticeable gains in their respective segment indexes were full-size cars, full-size pickups, luxury cars, and near-luxury cars.
Since registering a score of 125.9 in May 2015, the firm’s Used Vehicle Retention Index has fallen steadily. Last year, it dropped by 6.4%. In March, the index fell from February's 113.9 to 113.
Small pickups led the way, but cars also showed retention strength during a month in which the average price of a used vehicle for model years 2011-2015 depreciated by 0.8%.
This Series B funding builds on the $5 million in venture capital ACV Auctions secured in 2016, the $1 million the firm secured in 2015 by winning the 43North startup competition, and the $1 million from angel investment the company also secured in 2015.
Luxury vehicles continued to struggle last week, as the segment realized some of the highest depreciation rates among all segments, according to the vehicle valuation firm.
Subaru and Acura ranked as the top automotive brand in Kelley Blue Book's annual 5-Year Cost to Own awards, which highlights the top luxury and non-luxury brands in 21 vehicle categories.
Depreciation trends stabilized to close out 2016, with depreciation rates for all cars and trucks falling into seasonal patterns, Black Book reported this week.
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