Last month was best March since 2021 for auction sales & EV volumes hit all-time high

Last month was the strongest March for auto auction sales in four years, capping a first quarter that beat year-ago figures by nearly 5%, according to the latest AuctionNet data and analysis from the National Auto Auction Association.

March also marked an all-time high for sales of electric vehicles at auction, NAAA said.

Overall, there were 1.79 million wholesale auction sales in Q1, beating year-ago figures by 4.9%, NAAA said.

That includes 620,600 units sold last month, which is a 5.9% year-over-year increase, a 4.0% uptick from February (selling-day adjusted) and the strongest March since 2021.

Commercial consignment led the way, climbing 12% year-over-year in March and once again largely driven by a 40% uptick in sales of 2-year-old vehicles, which NAAA said are mostly off-rental vehicles.

“The increase in rental wholesale sales is due to several factors. First, wholesale growth resembles the improvement in new rental fleet sales that occurred after the industry moved past the semiconductor and supply chain issues from a couple of years ago,” NAAA vice president of auction data solutions Larry Dixon said in the analysis.

“Second, rental companies are swapping out larger numbers of older in-service vehicles to take advantage of the more favorable pricing and residual value outlook of 2025 units.”

Meanwhile, sales of off-lease units dropped about 15% year-over-year in the first quarter, NAAA said. This should not come as a surprise, given the drying up of lease originations in late 2021 and 2022 amid chip shortages and supply-chain impacts, the association said.

Lastly, there were 12,413 sales of EVs at auction in March. Not only is that a 38% year-over-year increase, but it is also 15% higher than any other month … ever.

“Tesla models continue to comprise the lion’s share of EV auction sales (Tesla sales increased 28% YoY through Q1),” Dixon said, “but Ford, Kia, and Volkswagen EV sales grew substantially over the first quarter of the year, rising by a combined average of 146% versus Q1 2024.”

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.  Data below courtesy of AuctionNet/NAAA.