Wholesale Auction Sales Rise Slightly But Show Strength
Fleet/lease sales were responsible for the increase in auction volume in the first quarter as dealer sales fell 5.4% YOY and fleet/lease sales rose nearly 29%.
Collectively, auction sales over the first quarter of the year reached 1.7 million units, a rise of 7% versus Q1 2023.
Graphic: AuctionNet
AuctionNet wholesale auction sales increased 1% in March versus February but were down 4% versus March 2023, according to figures released April 5.
Sales volume remained robust however, reaching nearly 583,000. Collectively, auction sales over the first quarter of the year reached 1.7 million units, a rise of 7% versus Q1 2023. Volume over the first quarter was the highest recorded for a first quarter since Q1 2020.
Fleet/lease sales were responsible for the increase in auction volume in the first quarter as dealer sales fell 5.4% year over year (YOY) while fleet/lease sales rose nearly 29%.
Across age groups, sales of units up to 2-years-old grew nearly 41% YOY in Q1 due mostly to more rental units flowing through the lanes.
Sales of 3-year-old units jumped nearly 29% last quarter, while sales of 4-to-5-year-old vehicles rose 21%. Higher off-lease volume helped push sales for both age groups up, with more repossession sales contributing to older vehicle growth.
Light truck fleet/lease sales grew substantially over the quarter, rising 42% versus Q1 2023. Luxury car fleet/lease sales were up 30% YoY, with growth spearheaded by a 50% rise in Tesla sales (Tesla vehicles comprised 27% of total luxury car fleet/lease sales in the quarter).
Tesla was also largely responsible for the 145% rise in BEV fleet/lease sales in Q1.
“Moving forward, expect to see continued growth in rental, commercial, and repo auction volume, but off-lease volume will fall over the second half of 2024 due to the decline in new lease originations that occurred in the second half of 2021,” said Larry Dixon, vice president of Auction Data Solutions/AuctionNet at the National Auto Auction Association.
Pickups, SUVs, and crossovers topped the list of wholesale used vehicle models sold at auctions in March.
Graphic: AuctionNet
Top Volume Wholesale Vehicle Models
Among 1–3-year-old mainstream vehicle models, the 2021 Ford F150 full-size pickup truck recorded 1,262 units sold in March with an average month price of $36,180, up 4.1% from February, and average mileage of 37,429 miles.
On the list of 3-year-old luxury models, the 2021 Tesla Model Y, a compact luxury crossover, led with 609 vehicles sold in March with an average price of $25,765 and average mileage of 32,844. Its price was down 1.1% from February.
The monthly AuctionNet data is derived from more than 260 NAAA member auctions using AuctionNet. It is considered the most comprehensive source of wholesale auto auction sales data in the U.S.
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