August 14, 2024 | Market Insights from Joe LeMonds
Cheers!! We’re experiencing the quintessential PNW summer here in Seattle, but so far in August, the auction lanes have been HOT! While consignment levels remain steady, we’ve seen an increased demand across all segments. During our Cheers sale this past week, we converted 66% of our 1100+ unit offering. This is up significantly from late Q2. Late-model supply continues to be limited and rental volume remains scarce. These factors have driven the demand along with steady retail business in the lower sectors that have been supplied by the increased repossession volume. In July, we opened our 9th physical lane to better pair consignment type and maximize market visibility for our consignors.
We were honored to be joined by national representatives from Ford, Ally, American Honda Finance, and PAR North America, along with our faithful dealer partners as we “Rocked the Harbor” on Elliott Bay the night before the sale. Industry friends, families, and employees alike had the opportunity for fellowship as we celebrated our long-standing relationships. This event is a favorite for our Seattle team and is an essential part of our culture and customer experience.
As we look forward to the remainder of 2024, we continually strive for growth and seek opportunities to create a unique auction environment for you every Friday. We are committed to our blended approach to the market that couples in-lane and online solutions using MAG Now. The feedback from our partners has been tremendous and we’re incredibly thankful for that commitment.
We invite you all to join us in the lanes or on Edge Simulcast for our Salmon Sale coming up in September. In the meantime, I’m thankful for our team’s commitment to excellence, and to all of you, our friends and partners, for your continued trust and support.
See you in the lanes!
Joe LeMonds
General Manager, DAA Seattle