This week’s Black Book Market Insights report shows the car segment retaining its value better than the truck segment as a whole. However, compact vans saw their values strengthen by 1.17%, outperforming all other vehicle segments.
Tom Webb will retire on June 30 as Cox Automotive's chief economist, ending a more than four-decade career.
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.
While low interest rates and consistent values are making it possible for the market to absorb the wave of newer, more expensive off-lease vehicles, demand for older, less expensive vehicles hasn't waned. But with fewer older vehicles available, sellers will be at a disadvantage, Edmunds said this week.
Manheim's Tom Webb believes the 0.3% year-over-year decrease could have been much worse considering the "sharply rising" supply of used units.
While the truck segment realized its best week in terms of vehicle depreciation last week, values for used luxury cars tumbled, according to Black Book’s Jan. 31 Market Insights Report.
Wholesale used-vehicle prices in December averaged $10,642, which was essentially flat with the prior month but up 3.9% from a year ago, according to ADESA Analytical Services.
The pendulum finally swung last week, with trucks showing higher depreciation than cars for the first time this year, according to Black Book.
October’s 3.6% decline in wholesale prices for used vehicles eight years in age was in line with the NADA Used Car Guide’s forecasted range of 3.2% to 3.7%. However, the decline was slightly more than this October than the previous three-year average decline of 3.3% for the period.
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