The Canadian used wholesale market saw steady month-long declines across nearly all segments in November, with weekly drops generally ranging from –0.32% to –0.44%. Both car and truck/SUV segments experienced consistent depreciation, led by sharp weakness in Full-Size Cars and several high-volume truck categories such as Small and Full-Size Pickups, Minivans, and Mid-Size Crossover/SUVs. The only segment to post any gain was the Full-Size Luxury Crossover/SUV, which saw a slight +0.14% increase. Retail conditions mirrored this softening: average used-vehicle listing prices edged down from $37,150 to $36,930, while dealer inventory levels remained stable at roughly 212,000–217,000 units. Auction activity fluctuated widely due to economic uncertainty, firm seller floors, and continued priority access for upstream channels.

Economically, Canada showed signs of gradual improvement. Employment strengthened in September and October, unemployment eased to 6.9%, and both the Composite and Services PMIs returned to expansion for the first time in 2024. Key indicators such as building permits, wholesale trade, and manufacturing sales posted gains, while inflation cooled to 2.2%, near the Bank of Canada’s target. Still, some sectors displayed weakness, including a notable decline in housing starts and early indications of softer October manufacturing sales. Overall, while the broader economy is stabilizing, the wholesale automotive market continues to face downward pricing pressure heading into year-end.