National Auto Auction Association (NAAA) member auctions reported nearly 7.3 million vehicles sold through auction in 2023, representing 11% growth over 2022, according to the results of a NAAA survey released April 29.

Twelve million vehicles were offered for sale at NAAA member auctions resulting in a 60.7% conversion rate which was slightly better than 2022.

The average wholesale price of units sold was $15,200, down 9.6% from 2022’s all-time high. Although vehicle prices declined in 2023, that drop was offset by volume growth of about 700,000 vehicles for an estimated total gross sales value of over $110 billion. That number was on par with 2022.

The 2023 survey data again highlights the importance of NAAA members to the overall economy. NAAA auctions are vehicle remarketing supercenters providing one-stop shopping for most essential services.

Not only do they conduct auctions, but they also provide logistics, reconditioning, inspections, secured storage, marketing, financing, title transfer, and funds settlement all under the same roof.

NAAA members reported an average of 90 full-time employees and 22 part-time employees, representing an estimated 40,000-person workforce across the industry. As major employers in their local communities, NAAA members also give back and reported contributing $20,900 to charity per auction in 2023.

The independent accounting firm LSWG of Frederick, Maryland conducted the survey for NAAA providing the most comprehensive picture available of the wholesale auto auction industry.

The 2023 survey was expanded to provide more characteristics regarding simulcast and digital-only sales results. It also provided more detail for commercial and dealer seller segments, as well as for buyers with the percentage of sales to in-lane bidders versus online bidders.

“For 75 years, NAAA members have kept the used-vehicle wholesale remarketing industry thriving by adhering to outstanding customer service, standards, and professionalism,” said NAAA executive director Paul Lips in a news release. “Anyone can auction cars, but not everyone can remarket them like our members do. Our 2023 survey results once again illustrate our members’ efficiency and significant contributions to the auto industry and economy.”