We officially launched DAA Las Vegas this past week, offering 550 units and selling 340. We have a great team jelling in Vegas and we feel very good about what we can do to serve that market. We are open for business there with live auction lanes. If you are looking for a great in-lane experience and some 80-degree weather, you should check out DAA Las Vegas.
As for the Pacific Northwest – we remain limited to virtual sales. Dealers are now permitted in the lanes and are bidding along with our simulcast buyers, but most of the sales transactions remain via Edge Simulcast.
The market remains steady and healthy. Yes, it has backed off from last summer’s frenzy. We all must remind ourselves that it is October. Mid-October through the end of the year has traditionally been pretty tough. By contrast, activity this year is still very strong. Certain late-model car segments have gotten soft, but trucks, SUVs, and anything a few years old that is nice is still in strong demand.
We will one day look back on 2020 and reflect on how it changed all of us in so many ways. The big question in our business is, will we ever go back to running cars in the lanes? The simple answer is YES. Most independent auctions around the country are running cars now. Most of the big two corporate auction chains are not. We don’t believe it is our role to dictate how our customers do business. Instead, we are listening and working to meet our customers where they are today.
Of course, simulcast will be a larger percentage of in-lane sales going forward. Our MAG Now EBlock auctions will also become a significant channel for doing business with us. The point here is there are multiple options for you to buy and sell with MAG Auctions; we are striving to meet you where you are, and we are focusing on constant improvement.
In the meantime, here we are in 2020 with everyone feeling a little uncertain. We all need to do what we do, control what we can control, and let go of the rest of it so it doesn’t drive us crazy!
Thank you for your trust in doing business with us.