When you first get hired for a job, the employer puts you on a 90-day probation period. This is a 3-month timeframe to determine how you perform. After that time is up, the boss will review your performance and decide if you’ll be a good, long-term fit for the job. This is similar to businesses reviewing their profits from the first 3 months of the year to predict how their industry will perform for the following 9 months.
Although Big Valley Auto Auction is not a school, we are a dealer-only auto auction who has kept dealers informed with auto auction knowledge since 2008. We keep dealers up to date with advice and trends in the automotive industry, which is why we’re going to talk about how auto auctions performed in the first 3 months of 2024.
In this article, you’re going to learn how many cars sold at in-person, online, and NAAA-specific auto auctions during the first quarter of the year and what you can expect down the line.
After reading this article, you’ll have the information needed to predict how April-December 2024 will look like for the auto auction industry.
What Does Q1 Mean?
“Q1” is another term for “First quarter”, which is the first 3 months of the year. Businesses review their profits from January 1st to March 31st to predict business performance, industry trends, and seasonal effects. How a business performs in Q1 sets the tone for how things will play out for the following 9 months and figure out what changes they might have to make to their business model.
How Many Cars Sold at Auto Auctions During Q1?
Since 2020, auto auction sales have increased by 114%. Below are the statistics for vehicles sold at in-person, online, and NAAA-specific auto auctions, compared to 2023.
In-Person
Q1 2023: 8,104 vehicles sold
Q1 2024: 9,252 vehicles sold.
1,148 more vehicles sold this year.
Online
Q1 2023: 9,159 vehicles sold
Q1 2024: 10,065 vehicles sold.
906 more vehicles sold this year.
NAAA Member Auctions:
Q1 2024: 1.7 million vehicles sold
Q1 2023: Approx. 1.5 million
7% more vehicles sold this year.
Other notable information for NAAA auctions includes:
- Units 11 years and older were the top sellers. (11% up from Q1 2023)
- Units 3 to 10 years old increased sales by 5% from Q1 2023
- Over 23,000 electric vehicles sold. (83% more than Q1 2023)
How Will Q2 Look For Auto Auctions?
After taking a hit in 2020, auto auction performance has increased over the past 5 years. While a strong Q1 doesn’t necessarily mean a strong year, it’s a good way to predict the direction it will go. Recognizing trends in buyer activity and market reports can give you an idea of the inventory you should stock up on and pricing
Whether you’re new to auto auctions or an experienced dealer preparing for the year, you can use this article as a reference for what to expect this year.
If you’re a dealer preparing to buy or sell vehicles for Q2 and beyond, click the button below to speak with our dealer registration specialist to get you registered with Big Valley Auto Auction.
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