October 18, 2023 | Market Insights from Joe LeMonds
Here in Seattle, we’ve seen continued market adjustments and volatility. Coming off the end of Q3, we have experienced increased demand as conversion hovers in the high 50% and low 60%. Our Moose Sale on October 6 was the first promotional event headed down the stretch of 2023. Dealer participation was high, and our operations team made a huge effort to pull off another 1100 car sale on our footprint.
While the demand has increased, there is still a high level of selectivity within consignment segments. New car trades continue to draw significant attention, and repossession consignment volume is not slowing down. There appears to be a mixture of seasonality along with anticipation and adjustments to the slowdown of new car volume caused by the UAW strike.
Operationally, our team continues to find ways to make the buying and selling experience better for our partners. We are currently undergoing a lane renovation that will allow for continued growth and a more spacious and organized buying experience. More to come on this!
We are thankful for the feedback from our auction partners as we evolve and continue to strive for excellence and efficiency. Whether in-lane in Seattle and Spokane or digitally on MAG Now, we are committed to meeting you where you are. Thank you for your continued trust and partnership!
General Manager, DAA Seattle