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Here is the latest used car market report from Black Book and Ricky Beggs. It has been a busy week for the Black Book Editorial team as a couple of us had the opportunity to get behind the wheel of several new models, gathering insight that will assist us in both the new vehicle residual projections and eventually the valuations as used models.
It doesn’t end there as Tim West and I had the opportunity to talk with many attendees about the Black Book CPI and Motorcycle guides at the Choo Choo Classic Auto Expo in Chattanooga. Look for a few pictures next week.
Last week the market results struggled and after seeing the results of the most recent week of auction activity, we know it was the temporary end-of-the-month market. There was improvement in retention for the cars and trucks. There was less mention of no sales in the reports. The average segment change was better for both the cars and the trucks. Even though all the car segments declined, the change was only a -.24% decline. There were only three segments with a decline of -.5% or more for the week. Those were the Entry Mid-size Cars, the Upper Mid-size Cars and the Entry Level Cars, all being at greater declines than the week before.
The trucks did have a single segment type that increased this week, the Mid-size Pickups at +$12 or +.10%. The overall average segment change for the trucks was -.27%. Where the cars had three segments with -.5% or more decline, the trucks had just one, the Full-size SUVs at -.51% or -$78.
There are still bright spots in the market with 26-27% of the adjustments being increases over the past three weeks, with the trucks having more positive changes every week since the week ending March 22.
Another first to report is the initial 2014 model with market-driven used values. If you are a mobile, Internet or data subscriber you now have access to these values.