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WEEKLY MARKET REPORT
JUNE 16, 2021
Despite the limited inventory on dealer lots, dealer lanes continue to have higher volume at auction, Many dealers are finding higher profit margins in the wholesale channel as opposed to their own retail lots. Dealers have found creative ways to diversify their source of inventory, and their innovation is paying off.
With so many newer used units selling at or above their respective new MSRP, it was another strong week for wholesale values, which makes it 20-consecutive weeks of gains.
On a volume-weighted basis, the overall Car segment continued its 20-week trend, increasing this week by 0.96%. For reference, the previous weeks increase was 0.79%.
- The Mid-size and Compact car segments had the largest weekly gains at 1.14% and 1.13%, respectively.
- Compact car segment has had greater gains than the overall car segment average for 13-consecutive weeks.
- Only two segments had gains of less than half a percent, Premium Sporty and Prestige Luxury segments at +0.44% and +0.43%, respectively.
- On a volume-weighted basis, the overall Truck segment increased 0.93% this past week. For reference, the previous weeks increase was 1.01%.
- All segments reported gains last week, with five of the thirteen segments gaining more than 1%.
- Compact Van segment had the highest gains for the week at 1.58%, followed closely by Full-size Crossover/SUVs at +1.32%
- Over the last 20-weeks, Sub-compact Crossover has had the highest cumulative total increase (of truck segments) at more than 30%
Current used retail listing volume is about 11% below the start of the year. The inventory levels have been slowly but consistently increasing over the last 7 weeks as we see some softening of demand.
Days-to-turn has continued to decrease since the middle of March as sourcing both new and used inventory continues to be a challenge; it now stands around 31 days, lower than we have seen in the recent past.
Although floor pricing remains strong and the availability of average and clean vehicles remains scarce, conversion rates have been consistently increasing since mid-May. Many dealers are finding higher profit margins in the wholesale channel as opposed to their own retail lots. Dealers have found creative ways to diversify their source of inventory, and their innovation is paying off.