National Auto Auction Assocation (NAAA) member auctions reported 2001 sales of 9.45 million units, valued nearly $80 billion according to the association’s fifth annual industry survey released Sept. 14 at the 2002 NAAA Convention in New York City. The results are a significant increase from the $56.6 billion in sales reported in 1997, the year the survey began. More than 200 members responded to the survey, a 71 percent response rate that made this the most accurate picture ever available of the NAAA’s overall membership. Highlights of the 2001 survey include:
  • NAAA’s North American members handed over 17 million vehicle transactions.
  • 38.5 percent of all U.S. vehicles sold were fleet/lease and repo vehicles; 39.4 percent were dealer-consigned vehicles; 19.3 percent were factory vehicles; and 2.8 percent were from other sources.
  • The national average price per unit sold was $8.840 in 2001, up 0.9 percent from $8,361 in 2000. The average price per unit by zone was: $9,621, Eastern; $8.978, Southern; $8,766, Midwest; and $8,959, Western.
  • The average auto auction is located on 70 acres, has 259 full- and part-time employees, and operates 7.2 auction lanes. There is, however, a notable difference in size among responding auctions, which reported from one to 335 acres and one to 27 auction lanes.
  • Virtually all U.S. auctions offer some detail (99.5 percent) and transportation (100 percent) services, either in-house or sublet; 97 percent offer some level of mechanical services; and 89 percent offer body and paint repair.
  • Originally posted on Fleet Financials