Auto Market Update Week Ending December 17th, 2022 (PDF)
Prices continue to decline while sales rates remain low. However, we saw a smaller price decline than last week.
- Volume-weighted, the overall Car segment decreased by -0.83%, while last week, cars decreased by -0.86%.
- Two of the nine-car segments reported declines of over 1% last week (Prestige Luxury, -1.26%; Near Luxury, -1.15%).
- Volume-weighted, the Truck segment decreased -0.81%, compared to the prior week’s decline of -0.90%.
- Five of the thirteen truck segments reported declines of over 1% last week. The most significant decrease of -1.17% was reported by Sub Compact Luxury Crossovers.
- The depreciation rate for full-size pickups has returned to its more normal level of -0.50%.
| This week | Last week |
2017-2019 Average(Same Week) |
|
| Car segments | -0.83% | -0.86% | -0.53% |
| Truck & SUV segments | -0.81% | -0.90% | -0.65% |
| Market | -0.82% | -0.88% | -0.60% |
Retail (Used and New) Insights
- The new plug-in hybrid CX-90 will replace the CX-9 in 2024. In contrast to the MX-30 EV, which is only available in limited markets, the CX-90 will be available nationwide.
- Lucid will receive lithium-ion batteries from Panasonic, which is also Tesla’s battery supplier.
- For the all-electric Full-Size Pickup, Ford is adding a third shift to the F-150 Lightning assembly line.
- A new plant will be built by Lear in Michigan to supply General Motors with electric vehicle parts. In addition to their new 120,000-square-foot facility, which will utilize half of the space for battery disconnect units, they are also upgrading their existing Michigan plant to increase the production of battery assemblies.
Wholesale
The end of the year typically brings slower weeks and this week is no exception. Independent rental companies are still holding their own against large companies but they can’t compete with franchises. Inventory is still low which has caused sales rates to steadily decline. Sellers’ floors are generally high, but buyers are still in the lanes looking for deals. Wholesale values have begun to drop as well. New vehicles were sighted this week including 2023 models. As a whole, it was another slow week in auctions with dropping values across the board.
