National Auto Auction Association (NAAA) member auctions reported nearly 7.6 million vehicles sold in 2024, representing the highest sales volume for the industry since 2020.

More than 12 million vehicles were offered for sale at NAAA member auctions, resulting in a 61.3% conversion rate. That percentage was an improvement over 2023 and was the second-highest conversion rate ever reported. The average wholesale price of units sold was $13,921, down 5% from 2023. Although vehicle prices declined in 2024, that was offset by volume growth of approximately 335,000 vehicles for an estimated total gross sales value of over $105 billion.

The independent accounting firm LSWG of Frederick, Maryland, conducted the 2024 NAAA Auction Industry Survey for NAAA, providing the most comprehensive picture of the wholesale auto auction industry.

“The survey results show once again that NAAA member auctions are the backbone of vehicle remarketing in North America,” said Larry Dixon, NAAA VP of Auction Data Solutions. “Our members reported year-over-year growth in units sold despite facing headwinds such as declining prices, a shortage of vehicles, and shifting marketplace dynamics.”

“Our member auctions continue to grow and add value in the auction lanes and online as they provide a full spectrum of remarketing services that are critical to the timely and efficient redistribution of used vehicles,” said NAAA Executive Director Paul Lips. “The vast amount of real estate held by auctions coupled with their reconditioning, logistics, titling, and other services provide a one-stop solution for consignors and buyers that cannot be duplicated.”