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Previous hedonic assessments have largely relied on the assumption that bull buyers have homogeneous demands for bull attributes. However, quality differentiations and heterogeneous demands support the existence of submarkets. This analysis investigates market segments using a finite mixture model and 13 years of bull auction data. Results indicate that valuations of bull attributes vary across implicit buyer segments. Differences in demand may be influenced by a variety of factors, including—but not limited to—farm goals, labor availability, and end-use marketing arrangements for calves. Results have important implications for signaling quality cues throughout the industry’s breeding sectors.