Market Insights: Aggressive Bidding in the Lanes and Online

April 9, 2021 | Market updates and insights from MAG auction leadership.

DAA LAS VEGAS

Our Las Vegas team was excited to hear the positive results of our Pacific Northwest auctions’ first live, in-lane sales in a year! It’s great to see dealers and vehicles in all three of MAG’s physical auction locations again.

Here in Las Vegas, we have continued to see growing buyer participation with a 32% increase in average attendance over the past 6 weeks. Consistent with the rest of the market, we are experiencing high demand with limited supply. Honda and Acura Remarketing converted at 94% with retentions topping current year averages this week. Repossessions have become a crucial part of our sale, building consistency in volume week over week. We anticipate that repo consignments will continue to be a significant factor going into Q2. On the dealer side, Towbin Automotive Group has recently elevated a Used Car Director for the entire group, reinforcing the company’s strong relationship with DAA.

Our next promotional sale will be May 12th with an anticipated 400+ units. This will be our NASCAR Days event; be in our lanes or online and don’t miss your chance to score Richard Petty Driving Experience packages, sale day door prizes, lunch on us, and more!

We thank you for your continued trust and partnership. See you in the lanes!

Joe LeMonds, General Manager

 

DAA NORTHWEST

We are back! We have had two consecutive sales with dealers bidding in lanes while cars run through.  We are proud of our teams for quickly knocking the dust off and running a great sale. We had about 200 bidders in attendance and had over 40% of our bids come from the floor. The majority of in-lane bidding is coming from our trade lanes, where buyers need to be able to see, hear, and yes even sometimes smell the product! We saw little to no effect on the speed or success of the sale. Incredibly high sale conversions are the new norm, but we still can’t believe it each week.

I am thankful for all the support you have shown our DAA Northwest team. We appreciate you all!

Collin McConkey, General Manager

 

DAA SEATTLE

We are now running in the lanes and online and we continue to see aggressive bidding from all sale attendees. Special thanks go out to all our customers attending the sale in person – thank you for respecting the safety outlines we have in place. It’s great to see the positive impact that returning to in-person sales has had on our customers and auction team alike. Dealers in the lanes are grateful for the opportunity to safely connect, sharing industry opinions and conversations about the current state of the market. One great thing about auctions is they provides true, real time market value based on current demand and volume tolerance.

In other news:

  • We are fully staffed for all services, including inspections. Our team is ready to provide you with protection and confidence in your purchases.
  • Our April 16th GSA Sale has been moved to April 23rd.
  • If you haven’t participated in a MAG Now sale yet, check out Wednesday’s. MAG Now is powered by EBlock and happens every Wednesday at 1:00. It’s a digital auction that features fresh D2D product that has not been in the lanes. Customer feedback has been very positive based on EBlock’s authentic 4-lane digital auction platform. Download the EBlock app and ask your MAG sales rep for more information.

In the lanes or online, your presence is appreciated.

Dave Blake, General Manager

 

ABS AUTO AUCTIONS

It looks like this week’s conversion rate will again be about 90%.  The Market is on FIRE! Following our Weekend Sale, we will finish the week selling over 1000 units, which is consistent with last week. Virtually everything is very strong, especially trucks. Retail is slowing due to new car inventory shortages, and inventory of nice, used cars is very thin. Understandably, dealers are keeping everything that they can make into a retail car deal.

Kudos to our Frontline/BookSheet Sale team who did really well sourcing and selling vehicles in this very skinny market.

And thanks to you, our customers for your continued support.

Tom Harmon, President