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SEARCHA third quarter report from AutoIMS comes amid the outside pressures of inflation and the United Auto Workers strike.
The AutoIMS Q3 Industry Review report points to a rebalancing in market activity in the auction industry.
Graphic: AutoIMS
The latest quarterly report from AutoIMS on the used vehicle market poses some key questions based on a new round of aggregate data:
Does a market returning to a pre-pandemic rhythm indicate a long-term trend or temporary stability?
How long will ongoing economic factors continue to shape industry trends?
Could the effects of the United Auto Workers Strike introduce a new variable that disrupts the used vehicle market balance?
The questions stem from the following data-driven results in the Industry View report, released Dec. 6:
Auction charges have risen slightly but appear to have stabilized.
The average duration from vehicle assignment to secured now aligns with last year's data.
Damage estimates are on a slow climb, likely a reflection of persistent inflation.
The comprehensive auction data report from AutoIMS, an automotive remarketing technology firm based in Atlanta, aggregates input from 750+ auctions across North America that collectively take in vehicles from more than 1,000 consignors. The metrics reflect most of the commercial vehicle sales volume at wholesale physical auto auctions. Q1 Industry View news here.
Among highlights in the report:
Average total auction fees deducted at sale settlement lurched to $416 in Q3 from $394 in the same quarter last year.
The conversion rate — percentage of vehicles sold on a day in which they were offered — rose to 62% in Q3, compared to 59% in Q3 2022.
The average sale price in the last quarter fell to $14,269, from $15,687 in Q3 2022.
The average vehicle grade at time of sale in Q3 was 2.87, down from 2.93 in the same quarter last year.
Average mileage on vehicles stands at 91,120 in the third quarter, up from 90,007 in Q3 2022.
The average damage estimate was $2,830 in Q3, up sizably from $2,387 in the same quarter last year.
The Industry View report summarizes the research of the AutoIMS analytics team taps its database and uses advanced tools to produce a readout for the current period and comparisons to previous years.
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