The auction market has continued to perform at an unprecedented pace. Never in my 40 years in the business have I seen anything like it. Both Seattle and Spokane’s sales have been hovering in the 80% range for the past few weeks. Trucks are leading the way, but everything is selling, and it is all selling virtually.
The basic economic principle of supply and demand has always been at the core of the auction business. Supply is obviously out of balance with the robust retail demand. It is an issue for all of us. Fortunately, we have dedicated consignors who continue to provide inventory to our auctions.
As for getting us all back into the lanes, frankly, I just can’t predict when that might occur. It seems as if we may be backsliding a bit in terms of virus infections. So, for now, we all need to adhere to the Covid-19 safety mandates and do our part to minimize the spread, thereby keeping our businesses open and selling cars.
July is just around the corner, and with it for the past 25 years has been the Rock & Roll Sale. Unfortunately, this year is different in almost every way for almost everybody. So—here is the deal: DAA Northwest is going to celebrate its 25th Annual Rock & Roll Sale virtually. As the saying goes, “the show must go on!” The dates are Wednesday and Thursday, July 22nd and 23rd. Our Corporate consignors are expecting a Rock & Roll Sale and are supporting the event with 1100 units Wednesday the 22nd. Featured consignors with big volumes will be Ford Motor Company/Ford Motor Credit Company, Honda Remarketing/Acura Remarketing, Kia Motors America, Hyundai Finance/Kia Finance, Avis Budget Group, and several others. Thursday’s sale will be in the 1500-2000-unit range, giving us a potential two-day consignment of up to 3500 units. The event with wrap up with a total of $30,000 in giveaways.
On Wednesday evening the Cronkites will perform a virtual concert for all of you from the rooftop of DAA Northwest’s auction arena. You can attend the concert by way of a YouTube link that will be on our website’s home page.
We hope you will mark your calendar for what promises to be a memorable event in what has been a very memorable 2020 so far.
Thank you all for your support of our efforts. We hope you are all well, and we look forward to seeing you back in the lanes as soon as we are able.