Bob’s Market Message: The inevitable market adjustment & a Vegas Save the Date

September 21, 2020

When COVID-19 became a reality and everything shut down in the middle of March, I felt like this was all going to be pretty temporary. I still believe this is all temporary, and that sports, travel, entertainment, and yes, the auction business will return to (for the most part) what it was before the pandemic.

There is much speculation about what the auction industry will look like going forward. The big auction chains have made very strong “hints” about not ever returning to the previous normal. I’ve been asked a hundred times if we ever plan to run cars again. The answer is yes as soon as we are able. Our decision as to when will be based on the government mandates and on our own assessments and confidence regarding the safety of our staff and you, our customers.

In the meantime, the market remains strong but the inevitable (and necessary) adjustment is underway. Vehicle inventories remain short and I certainly do not foresee a market “crash” this fall. With new car and truck production ramped up and new vehicles now arriving at franchise dealerships, certain ultra-late models are definitely cooling off. The mid-range market seems almost unaffected and remains very strong.

In the midst of it all, we remain committed to doing all we can to provide the best possible service levels to each of you.

As many of you may know, we are now in the Las Vegas market. David Pendergraft has been leading the ramp-up phase of DAA Las Vegas. We are getting organized and are attracting a great customer base.  Our kickoff of what is to come in Vegas will be Wednesday, October 14th.  We will offer 150 American Honda units along with several other fleet customers and late model sellers who are supporting our efforts in Vegas.

Mark your calendar for October 14th and come on down to Vegas or join us online.

Oh – and yes, we are running cars in the lanes in Vegas!

Thank you for your continued support and confidence in us!

Bob McConkey