March 19, 2021 | Market Insights and updates from MAG auction leadership.
DAA LAS VEGAS:
Over the past six months we have seen tremendous progress and growth as MAG continues to build its presence in Las Vegas. Our year–over–year consignment and sale numbers have quadrupled; with incredible partners such as Honda and Acura Remarketing, Exeter Finance, United Auto Credit, Jim Marsh, Towbin Automotive, and many more, our offering to the Southwest Market has given us an opportunity to showcase the service levels that separate us from our competitors.
This week’s sale produced a continuation of a high demand, low source inventory with a 74% conversion in sales. Exeter and United Auto Credit highlighted our repo offering and defi SOLUTIONS joined our consignor base for the first time.
We are excited about our operational growth as our new vehicle processing facility is now fully functional. With a full-service detail shop, photo booths, and mechanic shop, our capacity to give transparency to our buyers and sellers has increased dramatically. As temperatures rise and the spring market continues, I invite you to join us in person or online each Wednesday. Our staff is eager to meet and build new relationships.
This coming week is our Lucky Lanes Promotion. We anticipate an offering of 300+ which will include Honda and Acura Remarketing, Remarketing by ARI, and great late model selections from Auction Direct Remarketing. You won’t want to miss the great lineup and your chance to win part of our $2,000 post-sale Pot ‘o Gold!
Thank you for your continued trust and partnership!
Joe LeMonds, General Manager
This week in Spokane we had the pleasure of announcing our reopening! Starting April 1st, we can safely have dealers in the lanes bidding on cars.
This week’s sale finished with a 92% conversion rate, leaving me with mixed emotions. We are blown away by the demand right now as I am sure all of you are. We are happy to have such successful sales, but we also feel the strain that this can put on the market for the long run. We hope all your businesses are thriving during these times and we are excited to see you back in the lanes with us soon.
Thanks for your support –
Collin McConkey, General Manager
ABS AUTO AUCTIONS:
The week’s conversion rate will be about 85% following our Weekend Sale; the market continues to strengthen. Clean, late-model product is very strong with older, rough units lagging a little. Retail is slowing due to new car inventory shortages, making the supply of nice, late-model cars very thin. Dealers are holding on to everything they can make into a retail transaction.
Our District Managers and their teams did a great job of acquiring inventory in this very competitive market.
We look forward to serving you again this week –
Tom Harmon, President