Auction sales volume at strongest level since 2019

It has been a banner rebound year for auto auctions: the market is having its strongest year for wholesale sales volume since before the COVID-19 pandemic.

That’s according to the latest AuctionNet data from the National Auto Auction Association, which indicates there were 6.25 million wholesale auction sales in the first 11 months of 2024.

That beats prior-year figures by 9.4% and is the strongest performance since 2019, when there were 7.56 million auction sales through November, NAAA said.

Last month, there were 511,343 units sold at auction, a 7.9% year-over-year increase when adjusting for one more selling day this November, and a decrease of 1.6% month-over-month.

Commercial vehicle volume continues to drive the sales gains, NAAA said. They rose 14.4% year-over-year (selling day adjusted) in November, while dealer sales were up 5.1%.

Through 11 months, commercial volumes have climbed 24.3%, with dealer sales have dipped 0.2%.

Looking at volumes by vehicle segment, compact luxury crossover/SUV had the most significant year-over-year sales volume growth (outside of electric vehicles), climbing 27.2% in November, when adjusting for sales day, according to NAAA.

Midsize crossovers/SUVs were up 14.9% and midsize luxury crossovers/SUVs rose 13.4%.

Full-size pickup volumes were up 10.3%, luxury cars rose 10% and compact crossover/SUV volumes were up 9.3%.

Compact cars (down 3%) and midsize cars (down 1.7%) were the two segments to decrease in volume.

As for EVs, their volumes were put 62% in November, rising to 9,116 units for the month.

“While strong, year-over-year growth is moderating, but this should be expected considering that EV volume has grown substantially over the past year-plus. Note that Tesla models comprise 57% of auction sales YTD,” Larry Dixon, who is NAAA’s vice president of Auction Data Solutions and AuctionNet, wrote in the analysis.

“While EV wholesale prices are far more depressed than otherwise, prices for certain EVs — Tesla in particular — improved materially last month compared to October, which could be due, in part, to the fact that more EVs are falling below the $25,000 threshold required to qualify for the federal Used Clean Vehicle Tax Credit,” Dixon said.

Note: This is part of a monthly series in which Auto Remarketing shares AuctionNet data and commentary provided by the National Auto Auction Association.

As noted by the organization, more than 260 NAAA member auctions power AuctionNet, making it the most comprehensive source of wholesale auto auction sales data in the U.S. Unless otherwise noted, auction sales figures are based on total reporting auctions, the number and composition of which may vary over time. 

SOURCE: National Auto Auction Association