1We study price discovery and liquidity in the Quebec used-car market with a daily panel of 273{,}265 dealer listings observed by the aggregator Auto-Ka between 12 August and 1 November 2026, with every asking-price change and listing disappearance recorded about seven times a day. Hedonic models with flexible age and mileage splines reject linear depreciation and improve dealer-held-out fit by three percent; profiles differ by powertrain. One listing in five receives a sustained markdown (median 2.8 percent of the entry price); the markdown hazard doubles over the first three weeks on the lot, and vehicles that entered above their quality-adjusted value or above their local competitors are cut sooner and more deeply. A competitor event study with market-by-week and model-year-by-week fixed effects finds a same-day co-movement of price cuts among close local competitors (0.9 percentage points against a daily base rate of 1.4 percent) but no lagged response, and a within-make--model placebo yields nothing: we interpret this as common shocks and synchronised repricing calendars, not strategic reaction. Quality-adjusted regional premia across Quebec's seventeen regions are economically small (all within four percent of Montréal) and jointly insignificant once trim is held fixed ($p = 0.53$), although coarser quality controls detect small but significant differences. Listing exit is strongly predicted by mileage, price and listing age; cross-source matching by vehicle identification number shows that 94 percent of exits coincide within a week on two independent sources while at least 10 percent are followed by a relisting, so exit overstates sales. A transparent five-component Automobile Market Liquidity Index captures 56 percent of the common variation in regional turnover and, built without the exit component, predicts next-week exit intensity within regions under z-score standardisation, a result that weakens under rank standardisation; deep markdowns load as a symptom of illiquidity. No external forecasting claim is possible with an eleven-week window, and the paper documents what listing data can and cannot say about transactions.2