Auto Market Update – Week of December 3, 2024
Introduction
The first week of December brings steady market dynamics, with moderate depreciation trends, stable auction activity, and efficient inventory turnover. This week also highlights significant industry news, from legendary car collections being sold to Pope Francis’s first electric popemobile and Ford’s shifting Mustang sales.
Quick Stats Summary
- Overall Market Depreciation: -0.29% (vs. -0.46% last week).
- Car Segments: -0.33% depreciation.
- Truck & SUV Segments: -0.28% depreciation.
- Auction Conversion Rate: Stable at 57%.
- Retail Days to Turn: Approximately 43 days.
Wholesale Price Analysis
Car Segments
- Wholesale prices in the car segment decreased by -0.33%, slightly better than the previous week’s -0.41%.
- Luxury and Compact Cars showed the smallest declines, both under -0.27%, while Premium Sporty Cars saw the steepest drop at -0.54%.
Truck & SUV Segments
- Trucks and SUVs saw a depreciation of -0.28%, a great improvement from last week’s -0.48%.
- Sub-Compact Crossover experienced the largest decline at -0.50%, while Compact Luxury Crossover demonstrated stability, with a increase of 0.27%.
Inventory and Auction Rates
Used Retail Inventory
- Retail Listing Volume Index: Remains stable, signaling balanced supply and demand across dealerships.
- Days to Turn: Improved slightly to an average of 43 days, reflecting efficient inventory management in the retail sector.
Auction Conversion Rates
- Auction conversion rates held firm at 57%, demonstrating consistent buyer demand even in a seasonally slower period.
Industry News
- Bernie Ecclestone to Sell Iconic Car Collection
Former F1 CEO Bernie Ecclestone is selling his legendary car collection, valued in the hundreds of millions of dollars. The collection includes championship-winning Ferraris driven by Michael Schumacher and Niki Lauda, as well as the Brabham BT46B “fan car.” Ecclestone’s decision comes after a guilty plea to fraud charges and a suspended prison sentence. - Pope Francis Receives a New Electric Popemobile
Pope Francis has debuted a new Mercedes-Benz G 580 EQ popemobile, the first zero-emission vehicle of its kind. Designed for the 2025 Jubilee in Rome, it features an open-top design and a custom swivel seat, blending tradition with sustainability. - Ford Mustang Mach-E Surpasses Gas Model in Sales
Ford’s Mustang Mach-E outsold the gas-powered coupe by 2.5 times in November 2024, with sales up 38.3%. This marks a major milestone as the electric SUV gains popularity in a competitive EV market.
Conclusion
The auto market continues to showcase steady trends as the year-end approaches. While depreciation rates remain moderate, strong inventory management and robust auction activity underline market resilience. On the industry front, transformative milestones—like Ford’s EV dominance and Pope Francis’s zero-emission vehicle—highlight the growing shift toward sustainability in the global automotive landscape.
Stay tuned for next week’s update as we monitor market trends and industry news shaping the road ahead.
