The Canadian used wholesale auto market was down -0.56%, according to Canadian Black Book. This is the largest week-over-week decrease in over 18 months. The 2017-2019 average was -0.37%. The Canadian wholesale market for used cars declined, down -0.39%, and trucks were also down more from last week at -0.72%.
Only one segment of the car market made very slight gains, with premium sporty cars up a slight 0.08%. Mid-size cars were down the most, at -1.13%, followed by sporty cars, down -1.0%, and full size cars, down -0.93%. Compact cars were down -0.84%.
For trucks/SUVs, there was only one segment with a price increase. Sub-compact crossovers/SUVs were up 0.44%. There were four segments with notable declines. Mid-size crossovers/SUVs declined the most, down a full -2.30%, followed by mid-size crossovers/SUVs, which were down -2.15% for the week, compact vans were down -1.84% and sub-compact crossovers were down -1.69%.
The average listing price for used vehicles decreased week-over-week, as the 14-day moving average declined to $37,000. Analysis is based on approximately 120,000 vehicles listed for sale on Canadian dealer lots. The US market exchange rate remains favourable for exportation, leading to a continuous stream of vehicles south across the border. “Supply remains low while demand is high on both sides of the border. Upstream channels continue to tap supply before it can be made available at physical auctions.”
Canadian inflation rate decreased to 6.9% in September 2022 from a 39-year peak of 8.1% in June 2022. Inflation was expected to be 6.8% by market estimates. Prices increases slowed for transportation for 8.7% from 10.3% in the prior month.
Zero-emission vehicle market share in Canada has reached 7.2% in the first half of 2022, which is higher than the 5.2% share back in 2021; most of this growth has come from battery-electric vehicles even with the semiconductor shortages still in full swing.
