Canadian wholesale used-vehicle values declined 0.27% last week, continuing the market's downward trend, although depreciation slowed slightly from the previous week. Car values fell 0.26%, while Truck and SUV values declined 0.28%. Full-Size Vans experienced the largest decline at 0.90%, followed by Compact Crossovers/SUVs at 0.55%. Sub-Compact Luxury Crossovers/SUVs were among the few segments showing gains, increasing 0.13%.

Auction inventory remains elevated, although demand for clean, high-quality vehicles continues to be strong. Average used-vehicle retail asking prices decreased slightly to approximately $37,900, based on roughly 165,000 dealer listings. Broader economic concerns are also growing, with Canada losing 68,000 jobs in September and unemployment rising to 6.5%.

For fleets, continued wholesale depreciation and elevated inventory levels could put additional pressure on remarketing returns, particularly for vans and SUVs. However, Canada's growing demand for electrified vehicles offers a potential bright spot, with EV and plug-in hybrid sales increasing 55% year over year in August and accounting for 13% of new-vehicle sales. Fleets should continue monitoring resale values by segment and adjusting replacement strategies as market conditions evolve.