Market Insights: Normalizing with Market Correction and Industry Events

June 21, 2021 | Market Insights from DAA Las Vegas’ Joe LeMonds.

Like most markets across the West Coast, we saw a continued market correction as market values dipped slightly and demand softened compared to the spring peak just a few weeks ago. However, conversion still remains above the 70% mark across all segments. We have seen a slight increase in new car trade consignments and repossessions. Honda and Acura Remarketing experienced their largest sale here in 6 weeks and converted at 95%.

Las Vegas welcomed the first industry conference in over a year with the Conference of Automotive Remarketing (CAR) last week. Auction friends and family joined together once again to discuss the ever-changing nature of our business. The event brought auctions, consignors, and industry partners together; we were blessed to have visitors from across the industry on Wednesday and we were able to show them firsthand the growth and facility investment in our auction.

We thank all of you who continue to support us week after week. We are committed to the continued evolution of our staff and facility to meet you where you are. Whether you joined us back in the lanes, on Edge Simulcast, or on EBlock for our 1 pm MAG Now sale each week, our goal is to give you an experience unlike any other.

See you in the lanes!

Joe LeMonds, General Manager