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8/20/2024 Market Update
Here is a quick recap of industry related headlines over the last week:
- Fast forward three years from a COVID market low in new vehicle production, add high interest rates, significant negative equity, and rising new vehicle incentives, and you get a mix of adjustments in the wholesale market.
- Last week, segments like Compact Cars, Crossovers, Minivans, and Small Pickups performed well, while high-dollar segments like the Full-Size Luxury Crossover/SUV experienced significant declines.
- The estimated Used Retail Days-to-Turn is now at roughly 48 days.
- The auction conversion rate last week’s rate was 59%, an increase of 1% from the previous week.
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