March 23, 2023 | Market Insights from Bob McConkey
As the first quarter of 2023 wraps up, all I can say is WOW! I don’t think anyone anticipated the market surge we have experienced since the beginning of the year. Demand has been unreal and has not surprisingly led to higher prices across the board.
The used car shortage that we thought was normalizing is still here.
At MAG we are very proud that we have been able to maintain relatively good volumes as our competitors have struggled to attract inventory. DAA Northwest is averaging 1100 units per week, DAA Seattle is averaging 900 per week, MAG Now is averaging 400 per week, and DAA Las Vegas is averaging 350 per week. That is nearly 2500 units each week offered in the Pacific Northwest plus Las Vegas. Considering an average sales percentage of 75% – which means we must prime the pump weekly with fresh inventory – we are holding our own.
We are so very appreciative of our growing customer base who supports our efforts as we try to do it right every week. The team at MAG is committed, motivated, and all-in to do what it takes every week for you, our valued customers. I am in awe after all these years to sit back and watch our next generation of leaders do what they do—I am very proud of our team.
Times are weird for sure, but together we will continue to navigate these waters with your success as our primary goal.
From the bottom of my heart—thank you for supporting us each week—and thank you to every one of our MAG team members for being the best in the industry!
Good selling to you all!
President, McConkey Auction Group