March 7, 2021 | Market insights and updates from our Las Vegas, Spokane, and Seattle General Managers.
DAA LAS VEGAS:
March Madness came early this past Wednesday here in Las Vegas. Demand for vehicles of every kind was through the roof. From late model front line inventory, to buy here, pay here product with high miles, activity in the lanes was at its highest peak so far this year. The overall sale converted at a staggering 82% driven by a 3-1 ratio of bidders to cars consigned.
Our sales team has continued to push the MAG brand in the Southwest market and we are starting to see the fruits of our labors in increased buyer attendance and activity. Exeter Finance, Avis Budget Group, Jim Marsh, and Towbin Automotive all converted at 95% or greater with significant increases in retention results over prior weeks.
On top of last week’s in-lane success, we were able to offer American Honda Finance vehicles in Wednesday’s MAG Now digital sale. CarMax participated and purchased vehicles from this venue for the first time in our market. The feedback from our local representative was that they loved the ease and experience the sale provided and will continue to participate going forward. Having them partner with us in lane and digitally is a huge step forward in our continued presentation of all MAG has to offer.
On an operational note, some of you may be aware that we have been outfitting our 50,000-foot facility adjacent to the auction facility for vehicle processing. I am happy to say that by month end we will be fully operational. This facility will be a one-stop shop for our operations, housing our check in, CR, mechanic shop, and detail facility. The finalization of this project gives us an increased capacity to serve the many needs of our growing customer base.
I look forward to a strong finish to Q1 and am excited about the momentum we carry into the remainder of 2021. Thank you all for your continued trust and partnership.
Joe LeMonds, General Manager
Sitting in Spokane Friday afternoon, we had the sun shining as I reflected on an amazing week. Our operations ran smoothly as we all benefited from some warm weather and sunshine on our cheeks. We saw more dealers come out to test drive product Wednesday and Thursday morning which helped fuel an already very strong trade market.
Trucks and trades were the normal talk, but this past week everything was on fire. I walked up and down our empty lanes shaking my head all sale long astounded by the prices. Like all of you, I am interested to see where the ceiling is on this market. If I had to guess, we will still be on the upward climb for a little while longer.
Thank you all for sticking with us on this wild ride – we can’t wait to do it again this week!
Collin McConkey – General Manager
This past week in Seattle was our annual Join the Madness Sale – a shout out to the NCAA’s March Madness, and the name of the promo described the activity in our lanes. We were fortunate to have had a heavily attended 85% sale that proved the strength and demand of our current market. Everything was selling this week from trades to late models in every lane. The mix was a complete complement for all buyers and included vehicles from Honda and Acura Remarketing, Ford Motor Credit, Wheels, and several other fleet/lease clients. Our long-time heavy hitter dealer consignors such as Titus-Will, Toyota of Seattle, Burien Toyota and Sound Ford all took advantage of a burning hot market.
If you are still in need of inventory or are looking to take advantage of this strong market, we’re ready to help you – whether from DAA Seattle, DAA Northwest, DAA Las Vegas, or through MAG Now and ABS Auto Auctions – our two digital auctions. Find sale schedules and tutorials on magauctions.com or give your MAG sales rep a call. Please also keep in mind that we have a dedicated team to help you with dealer-to-dealer passthrough sales. Just call our office here in Seattle or use the dedicated form at magauctions.com/passthrough.
The nicer weather is upon us and we expect a great week ahead. Thank you for your continued commitment and if you need additional support or have challenges, please reach out to me or any members of our team.
Dave Blake, General Manager