The independent accounting firm LSWG of Frederick, Maryland, conducted the 2024 NAAA Auction Industry Survey for the National Auto Auction Association.
Photo: NAAA / Automotive Fleet
National Auto Auction Association (NAAA) member auctions reported nearly 7.6 million vehicles sold in 2024, representing the best sales volume for the industry since 2020.
Greater than 12 million vehicles were offered on the market at NAAA member auctions, leading to a 61.3% conversion rate. That percentage was an improvement over 2023 and was the second-highest conversion rate ever reported. The typical wholesale price of units sold was $13,921, down 5% from 2023. Although vehicle prices declined in 2024, that was offset by volume growth of roughly 335,000 vehicles for an estimated total gross sales value of over $105 billion.
The independent accounting firm LSWG of Frederick, Maryland, conducted the 2024 NAAA Auction Industry Survey for NAAA, providing probably the most comprehensive picture of the wholesale auto auction industry.
“The survey results show once more that NAAA member auctions are the backbone of car remarketing in North America,” said Larry Dixon, NAAA VP of Auction Data Solutions. “Our members reported year-over-year growth in units sold despite facing headwinds resembling declining prices, a shortage of vehicles, and shifting marketplace dynamics.”
“Our member auctions proceed to grow and add value within the auction lanes and online as they supply a full spectrum of remarketing services which are critical to the timely and efficient redistribution of used vehicles,” said NAAA Executive Director Paul Lips. “The vast amount of real estate held by auctions coupled with their reconditioning, logistics, titling, and other services provide a one-stop solution for consignors and buyers that can’t be duplicated.”
This Article First Appeared At www.automotive-fleet.com
