February 19, 2024 | Market Insights from Joe LeMonds
Last week, we celebrated the official grand opening of our 10-lane renovation. This months-long project has created a more dynamic and safe environment for our buyer and consignor base. We are grateful for the patience of our partners through this process and thank all of you who joined us for our celebration this past Friday. With an offering of 1100 units, we saw a continued uptick in demand that has been more indicative of a traditional spring market. The consignment mix remains balanced with rental volume uptick and continual growth in repossession and trade units. Overall conversion has been up ten points since the middle of January, driven by the combination of market demand and fresh consignment.
Through the first half of Q1, we’ve placed a heightened emphasis on our “fresh consignment” initiative. Our commitment to the market is to focus on a fresh mix and manage inventory to execute a superior sale on our footprint each Friday. We have exciting news ahead: we are expanding our physical footprint to allow volume growth and faster, more efficient inventory flow, but turn time is critical. Our ask to our buyers has been to assist us in navigating footprint constraints by exiting aging and sold inventory as quickly as possible. We thank all of you who have responded to our call and are confident that your partnership will have a lasting impact on our organization. This past week, we shared a lighthearted call to action developed by our MAG Marketing team. I hope you enjoy this public service announcement in the link below!
WATCH “BATTLE IN (DAA) SEATTLE” VIDEO
Be on the lookout for more information on our upcoming Join the Madness promotion in March! We anticipate another record consignment offering and look forward to seeing you all in the lanes and online!
Joe LeMonds
General Manager, DAA Seattle