August 10, 2020
Nothing is normal—the current market is no exception. We’ve seen hot streaks in the past; I recall a few 80% sales in the spring of 2009. But never, ever in my lifetime have I seen a sustained market like this one.
It does seem like buyers are really struggling to pay what it takes to own inventory. Even though buyers are not in the lanes, as an auctioneer you can just feel the strain! The first sign of things cooling is the rougher, higher-mileage units start to taper – and that is in fact happening a bit. Trucks, especially nice trucks, are still off the charts. As for cars, the rougher ones are beginning to cool to more reasonable values while still selling at a great clip. All in all, everyone just has to keep rolling and accept what the reality of the day brings.
Please review our policy change effective this week. This document is posted on magauction.com’s Policies page – https://magauctions.sfo3.cdn.digitaloceanspaces.com/uploads/2020/08/8-6-20_MAG-RedLt-PolicyUpdate.pdf – but I felt it was important to highlight within this message in order to get as many eyes on it as possible.
Thanks for your continued support and feedback as we evolve and fine-tune our policies for the current business climate.