October 1, 2021 | Market Insights from DAA Las Vegas’ Joe LeMonds.
Fall has officially arrived in Las Vegas but even as the weather cools, demand in the lanes remains at record highs. In September we saw sale conversion across all segments remains steadily over 70%. Repossession consignment converted at 95% or better for the entire month.
The scarcity in our market has impacted the quality and age of vehicle offerings significantly. Seemingly every retail-ready vehicle is being held to counteract the lack of new car supply. Honda and Acura Remarketing, Exeter Finance, and United Auto Credit have started to see increased repossession volume as COVID unemployment benefits expire. DAA Las Vegas has also continued to solidify and grow its mutual partnership with EBlock | ABS in our market. Our strategic alignment allows both DAA and EBlock to truly meet our customers where they are and to provide them with a myriad of digital and in-lane remarketing options.
As we look toward the last quarter of 2021, we are excited about our consignor growth and our November promotional event. Tee Time promo will happen November 17th in conjunction with Used Car Week here in Las Vegas. This is a great opportunity to check out DAA Las Vegas’ expanding consignor base, facility, and overall service. We will have food, in-lane promotions, and a post-sale putt-off; some lucky dealers will win an all-inclusive golf experience with our team at Paiute Golf Resort here in Las Vegas! We anticipate an offering of 400+ vehicles and will even have a contingent of late-model, off-lease Tesla units for our EV hungry buyers.
I cannot thank you enough for your support and partnership this year. We have all undergone significant changes in our personal and professional lives. The trust that each of our partners has given us from week to week only validates the hard work and dedication of the DAA team. Whether you’re at DAA Las Vegas every week or only occasionally, our team appreciates you. We’re eager to continue earning your trust and partnership as we look towards an even more fruitful 2022.
Remember: what happens in Vegas, happens at DAA. I look forward to seeing you in the lanes!
General Manager, DAA Las Vegas