April 24, 2023 | Market Insights from Collin McConkey
With whispers of a plateauing market in the near future, a NASCAR promo in the rear-view mirror, and the announcement of Third Eye Blind for this July’s Rock & Roll Sale all taking place a week ago, I wasn’t sure how to bring energy to this past week’s auction. The cards were stacked against us and we were headed for a smaller sale. But then, like a gift, we got a call early Tuesday to let us know that a very large backlog of Canadian units had all cleared for sale. We found our energizer and goal for the week with only two days to process almost 1,000 trucks and SUVs. Our team stepped up to the challenge and knocked it out of the park, running almost as many units as we did during the previous week’s promo.
As for the whispers of a plateauing market, those turned out to be true but only in certain cases. The market is still strong. We experienced a 65% conversion rate and our average sale price was up from the last few weeks. However, the steep rise in demand has cooled off a touch for some product. The common thought is that the market will remain on this plateau for a little while before ramping back up in the near future. With the limited amount of new vehicle production, we seem to be on this used car shortage ride for a little while longer.
As crazy as it sounds, it is already time to book flights and rooms for the Big Sky Sale and Collector Car Party & Auction on May 17th and 18th. And while you’re at it, you might want to do the same for the July 19th and 20th Rock & Roll Sale.
Thank you for your partnership and keep on selling!
Collin McConkey
General Manager, DAA Northwest