Senior Director of Editorial and Data Services
National Automobile Dealers Association
Strong demand for trucks offset another weak month for cars in July, and as a result, AuctionNet wholesale losses were a slightly better than expected 2.0% relative to June. The three month slide in gasoline prices continued to have greatest negative impact on compact and midsize cars.
Prices for Compact and Midsize Sedans Fell by 2.9% in July:
Dropped by 10.2% and 9%, respectively, since gas prices peaked at $3.90 per gallon back in April.
On Annual Basis, Market Prices Remained Below Last Year’s Average by 2.5%:
Due more to last summer’s Japan-induced price inflation rather than deteriorating market conditions this year.
Depreciation in August Official Used Car Averaged Year-to-Date leading 3.8%:
Current forecasts for September’s average drop point to a range of 3-to-3.5%.