June 30, 2023 | Market Insights from Bob McConkey
2023 is flying by – here we are with July upon us already.
The first half of the year has been an adventure with an unanticipated strong first quarter followed by what should have been expected: a necessary (but still a bit painful) market correction throughout the second quarter. So here we are with prices stabilizing and demand a little spotty, and it seems like we are in for more of the same over the next few months. Market shifts always hurt a little but they are needed. The broader economy coupled with the slow return of new car supply is doing its thing to the expensive used cars that have been so good to us over the past few years.
The used car supply is still tight, and used vehicles are still relatively expensive. None of that is going to change anytime soon. However, prices are stabilizing and that is a good thing for us all.
Rock and Roll 2023 with Third Eye Blind happens in Spokane on July 19th and 20th! Hope to see you all here for the most fun you can possibly have at work!
On a business note, our company completed the sale of DAA Las Vegas to America’s Auction Group last week. We are bringing our focus home to the Northwest, and that includes a new venture called MAG Alaska. We are serving our friends in Anchorage, Fairbanks, and the surrounding area with a weekly MAG Now sale; Andy Sellers is in Anchorage as our General Manager. We conducted our first sale this week to a very strong reception from the dealers, selling 75% of the 62 units offered. We will be north of 100 units next week and are off and running in the far north Pacific Northwest.
Thank you all for supporting our efforts – we appreciate your business.
Bob McConkey