Here’s a positive comparison back to 2020 when the automotive industry faced unprecedented challenges from the pandemic.

The National Auto Auction Association said on Wednesday that member auctions reported nearly 7.6 million vehicles sold in 2024, representing the highest sales volume for the industry since 2020.

According to the 2024 NAAA Auction Industry Survey, 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.

NAAA indicated 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, according to the association.

“The survey results show once again that NAAA member auctions are the backbone of vehicle remarketing in North America,” NAAA vice president of auction data solutions Larry Dixon said in a news release. “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.”

Independent accounting firm LSWG of Frederick, Md., conducted the 2024 NAAA Auction Industry Survey for the association, providing a comprehensive picture of the wholesale auto auction industry.

“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,” NAAA executive director Paul Lips said in the news release.

“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,” Lips went on to say.