August 18, 2020
Here we are in mid-August already. If time really does fly when you’re having fun, this spring and summer have been an absolute blast!!
Everyone is wondering, “When will the market change? And what will used car demand look like this fall?” There are lots of opinions out there and none of them are full of self-confidence.
Some feel that this pace could continue well into fall and winter, while others feel we are on the verge of a pretty significant market correction. I, like many more, am right in the middle. The production and arrival of new car inventory absolutely must affect used car prices and demand. I believe we are already seeing this happen in much of the late model sector. Trucks, however, seem to be the outlier and could stay strong well into the fall with only minor softening. Our business is a product of supply and demand. With fewer trades in the market, past models will likely stay healthy as the leaves turn and beyond.
Every day we wake up, get dressed, and try to figure out what the day will bring. Predicting the future has never been more complex than it is right now. It is almost an exercise in futility. We stay in “reaction mode” and do our best to meet the market where it is every day. We will do our best to continue evolving our policies and priorities to meet your needs and expectations day by day and week by week.
In the meantime, here’s what’s happening at our auctions:
- DAA Northwest continues to attract good volumes every week, consistently offering 1,000 to 1,300 units.
- DAA Seattle is doing well, holding its own in the Puget Sound market with 500 to 750 every week.
- MAG Now is offering 350 to 400 units every Wednesday at 1:00 PM (PT) – This virtual auction is here to stay and is worthy of a serious look whether you’re a buyer or seller.
Oh, and yes – We have a new little sister in Las Vegas! We’ve teamed up with some old friends, Dan Thomas and Russ Norris, and now have a presence in Vegas. The market is ripe, and we have big plans to grow DAA Las Vegas into a major player in the Southwestern United States. Stay tuned for more information in the coming weeks on our plans for Vegas.
We also have some McConkey Auction Group staff changes to announce –
- Chris Bradley, formally with the Titus Will Automotive Group has joined MAG as the head of Business Development—We are thrilled to have him on the team.
- David Pendergraft has been appointed Chief Operating Officer of MAG with oversite of all our project ventures.
- Collin McConkey has been named General Manager of DAA Northwest.
We’ve recently made these exciting changes and are eager to continue tailoring our business to meet your needs.
Thank you for your support and confidence in our teams. Let us know how we can serve you best – We will listen!