March 13, 2023 | Market Insights from Joe LeMonds
Spring is right around the corner here in Vegas and the market is still red hot.
As we move through the last month of the first quarter, the market indicators continue to show the scarcity of available inventory. Here at DAA Las Vegas, we have seen overall conversions of 70+ % for the past 5 weeks straight. Our consignor partners are doing their best to retain marketable vehicles and are showing an increased aggressiveness in purchasing. On the commercial side, rental volume is, while lower than in previous months, a steady flow. The dynamic of high-interest rates, high demand, and increased deficiency levels are vastly different than what we normally see in a healthy market. We continue to be diligent as we attempt to gauge how the volume and demand levels will increase or decrease over the remainder of the year. With the current production strategy at the OEM level, it is difficult to see a scenario where the market is flush with available inventory. We also anticipate seeing repossessions increase throughout the spring, and could see less up and down consignment volume from rental fleets than in years past.
We are thankful for our long-time loyal partners and are excited about the number of new relationships that have been fostered so far this year. We are looking toward the second quarter and are already preparing for NASCAR Days on April 12th. We anticipate this promotion to once again be an event that showcases the hard work and growth of our team.
Thank you all for your continued trust and partnership – we will see you in the lanes!
General Manager, DAA Las Vegas