Dr. Ira Silver
National Auto Auction Association
For August, NAAA reports auction volume was up 4.8% over prior year, and 3.9% year-to-date. Increased dealer consignment volume from improved new vehicle sales in recent months and through the remainder of year will combine with continued robust commercial consignment. That should make 2014 the best year for auction volume growth in more than a decade. Last year was first year in which both dealer and commercial consignment increased since 2003.
Dealer Consignment Growth Slowed this Year with New Sales Early in Year:
While commercial consignment remained strong due to lagged impact of strong
new sales growth early in economic recovery.
New Vehicle Sales Were Up 9.9% Over August 2013 and 5.1% Year-to-Date:
Used vehicle sales volume was down -6.5% over August 2013 and -0.5% YTD.
Expect New Vehicles Sales to Reach 16.5M this Year and 17M in 2015:
That comes from pickup in employment growth, pent-up demand, and very low financing costs.