January 15, 2024 | Market Insights from Joe LeMonds
This past week, DAA Seattle set the tone for the first quarter during our first promotional sale of the year. Our rather frigid “Get Kraken” sale saw a consignment offering of over 1200 vehicles and conversion nearing 60% across all segments. back-to-back back offerings of over 1100 units, our team has been relentless in their efforts to put on the best auction event in the Seattle market. We continue to see an influx of repossession volume coupled with increased late-model consignment from rental, off-lease, and Canadian imports. Demand remains well below the historic pace of the past 3 years, but we’re seeing a semblance of stabilization in valuations that have been impacted by all the macro and micro economic factors of 2023.
We anticipate continued growth at DAA Seattle through 2024. For those who join us in person each week, you are aware that our physical footprint has its limitations. It is a unique challenge for our team to provide this level of consignment each week, and we continue to strive for ruthless efficiency while exploring potential expansion opportunities. Over the coming weeks we will continue to identify areas of opportunity to be more consistent in our operational approach and will be seeking partnership with you, the dealer, in this. We know we have the best partnerships and relationships in the industry and believe that together we can continue to grow together and create an even more exciting and productive buying and selling experience.
Additionally, we are in the final phase of our lane renovations. The feedback we’ve received on our new lane flow and layout has been incredibly positive, and we are thankful for the impact it has had on our in-lane buying presence. We thank you all for your patience and partnership through this construction phase and look forward to working with all of you during our continued evolution this year.
Happy New Year to the MAG/DAA Seattle Teams, and all our valued partners. See you in the (NEW!) lanes!
Best,
Joe LeMonds
General Manager, DAA Seattle