Stating that the market has been tough lately, Black Book’s adjustments for about the past week have been mostly downward in the range of $100 to $200 to $300 on almost all segments of the industry.
Ricky Beggs, Black Book’s vice president and managing editor, said luxury, upper-end, highline type cars, or those that might not be everyday drivers, are among the vehicles with the largest adjustments.
The smaller, more economical cars, and especially the lower level economy cars, are much softer, Beggs said in an analysis via online video. Dealers are being very selective about which vehicles they bid on. “They’re not going in there looking for a speculative type purchase, but buying one that has definitely been sold or that they definitely have a need for,” he said.
In this week’s video analysis, Beggs described the unusual fall market and congratulated the National Auto Auction Association on the occasion of its 60th anniversary.
“Anyone who is familiar with NAAA knows that they are a first-class organization that has revolutionized the auto auction industry. We tip our hats to incoming president Bob McConkey, outgoing president John Rea and NAAA executive director Frank Hackett,” Beggs said.
A link to Beggs on the Market can be found on Black Book’s home page at BlackbookUSA.com, and a video library of previous commentaries can be viewed there as well.
Speaking about the video analysis, Beggs said, "It may be an understatement to say that the current market is moving very quickly. When we were redesigning our Web site, our customers indicated that they would like to see a brief, two- to three-minute video recap of the latest market conditions. Based on this feedback, we felt the time was right to provide Beggs on the Market as a complement to the daily delivery of our timely, independent and accurate information.”