Total AuctionNet sales through the primary seven months of the yr reached 3.97 million units, a ten% improvement over 2023’s YTD total, while sales of units as much as 5-years-old rose 9.1% to 1.55 million units (comprising 39% of total sales).
Total AuctionNet wholesale auction sales grew appreciably on an absolute basis in July, reaching 561,653 units, a rise of greater than 24% in comparison with July 2023, AuctionNet reported Aug. 8.
There have been two more selling days last month than July 2023, but sales were up a stout 13% even after adjusting for selling days.
Amongst key indicators:
- Auction sales of later model units (as much as 5-years-old) were up much more year-over-year in July, rising by 27%/15.5% on an unadjusted/adjusted basis.
- Total AuctionNet sales through the primary seven months of the yr reached 3.97 million units, a ten% improvement over 2023’s YTD total, while sales of units as much as 5-years-old rose 9.1% to 1.55 million units (comprising 39% of total sales).
- Dealer and business sales finished the month up 7% and 26%, respectively, in comparison with last July (again, selling day adjusted). Yr-to-date, business sales growth stands at +30%, while dealer sales are down 1.6%.
3-Yr-Old Vehicle Boost Beginning to Fade
As has been the case all yr, the variety of 3-year-old vehicles sold at auction rose again in July, increasing by nearly 40% on a previous yr basis (or 27% after adjusting for selling days).
That said, growth in 3-year-old vehicle auction sales, which include many off-lease units, appears to be beginning to wane somewhat. There was a considerable decline in recent lease originations over the back half of 2021 and given that almost all recent lease agreements are based on a 36-month term, we should always expect to see 3-year-old off-lease volume follow an identical pattern over the back half of this yr.
Sales volume for trucks and SUVs continuing to maneuver substantially higher on a year-over-year basis while automotive sales remained relatively depressed.
Truck, SUV Sales Exceed Automotive Sales
As for segments, July’s performance was like previous months, with sales volume for trucks and SUVs continuing to maneuver substantially higher on a year-over-year basis while automotive sales remained relatively depressed.
The diverging volume patterns between cars and trucks/SUVs is attributable to what has occurred with recent vehicle sales over the past several years, as light truck share of latest vehicle sales has grown from just over 76% in 2020 to almost 81% year-to-date, while automotive share fell from 23.6% to simply over 19%.
EV Auction Sales Spike
Whether adjusted for selling days or not, auction sales of EVs continued their rapid rise last month, exceeding 10,300 overall, 80% of which were sales of later model units.
July marked the primary month during which EV auction sales surpassed 10,000 units. Yr-to-date, EVs comprised 1.6% of total AuctionNet sales, up from 0.9% versus 2023.
Monthly AuctionNet data is derived from 265 NAAA member auctions that use AuctionNet. It is taken into account probably the most comprehensive source of wholesale auto auction sales data within the U.S. Starting in June 2024, monthly figures reflect all sales, not only fleet/lease sales, as they did within the previous monthly releases attributable to underlying changes in how the information is reported.
This Article First Appeared At www.automotive-fleet.com
