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Auto Dealers' Trainers' & Recruiters News
January 11.2025
2 Minutes Read

Auction Sales Surge for Second Year: Can the Momentum Be Sustained?

Panel discussion at auction sales convention with speakers on stage.

Strong Auction Sales Highlight Industry Recovery

In a notable rebound since the pandemic-induced downturn, wholesale auction sales have risen nearly 10% in 2024, marking the second consecutive year of growth. The latest data from the National Auto Auction Association (NAAA) indicates that auction sales reached 6.74 million units, a 9.6% increase over 2023. While this marks significant progress, it is essential to note that sales are still recovering from the pre-COVID peak of 8.18 million.

Commercial Sales: A Driving Force

According to Larry Dixon, NAAA's Vice President of Auction Data Solutions, the upsurge in auction sales is primarily driven by commercial sales, which saw a remarkable 23.7% hike. Sales of previously rented vehicles and off-lease vehicles also contributed notably, with volumes rising in multiple vehicle-age segments. The sale of vehicles aged 0-2 years, typically off-rental, increased by 8%, while 3-year-old off-lease vehicle sales soared by 16.6%. Even repo volumes added to the growth story with a 10% increase in sales for vehicles 7 years or older.

A Shaky Future for Auction Sales

Despite these encouraging figures, Dixon warns that these gains may not be sustained. A critical analysis shows a forecasted 41% decline in lease maturities for 2025, which could significantly impact sales of off-lease units at auctions. Further challenges include flat growth in new-vehicle sales into rental fleets and a possible plateau in repossession volumes. However, a slight uptick could occur in 2026, thanks to the expected resurgence in new vehicle sales and leasing activities.

Electric Vehicle Sales: A Growing Segment

The auction scene is witnessing a boost in electric vehicle (EV) sales, led by Tesla, which accounted for 58% of all EV sales in 2024 auctions. The 2021 Tesla Model Y 4D SUV Long Range topped the EV charts with nearly 7,000 units sold. This surge, with Tesla sales rising 113% to almost 63,000 units, illustrates the growing demand for EVs in the secondary market.

Historical Context and Background

Understanding the dynamics of auction sales requires a look back at the seismic shifts experienced during the pandemic. The market hit a low in 2022 as COVID-19 disrupted supply chains and stifled new inventory. Recovery has been gradual, with 2024 marking a significant turning point due to increased commercial activities and strategic acquisitions by dealerships amid limited new stock availability.

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