Year-to-date auction sales rose across all vehicle age categories so far when compared to Jan-Aug. 2023.
Total AuctionNet wholesale auction sales reached 593,285 units in August, almost equal to August 2023’s figure on an unadjusted basis but up 4.6% when factoring in the number of selling days for each month (23 and 22 for August 2023 and 2024, respectively), AuctionNet reported on Sept. 4.
Sales volume grew more than 5% compared to July (with the same number of selling days).
Auction sales of vehicles up to 5-years-old fell by nearly 1% on an absolute basis compared to last August but were up 3.6% after accounting for differences in the number of selling days.
Total sales through the first eight months of the year reached 4.6 million units, an 8.8% improvement over 2023’s year-to-date total, while sales of units up to 5-years-old rose 7.7% to 1.78 million units.
Commercial sales have been the catalyst behind auction sales growth over the course of the year, as dealer sales have declined, AuctionNet reported. However, the rate of growth appears to be slowing, particularly for rental, fleet, and off-lease volume (as evidenced by the relatively modest rise in later model vehicle sales).
Total commercial sales finished the month up 14% compared to last August (selling day adjusted), but the rate of growth was well below the 28% average increase recorded during the first seven months of the year.
The increase in Luxury CUV/SUV sales was mostly due to one model – the Tesla Model Y. Nearly 1,000 more Tesla Model Y units were sold at auction last month than in August 2023.
Among other key data points in the AuctionNet sales report:
- Continuing their long running decline, mainstream car volume dropped 14% versus last August (10.4% on a selling day adjusted basis)
- Luxury CUV/SUV sales jumped nearly 15%, with sales volume up nearly 2,000 units versus last August.
- The increase in Luxury CUV/SUV sales was mostly due to one model – the Tesla Model Y. Nearly 1,000 more Tesla Model Y units were sold at auction last month than in August 2023, making the model responsible for about half of the increase in Luxury CUV/SUV sales.
- EV sales overall exceeded 10,000 units for the second month in a row and second month ever, placing year-to-date volume to nearly 72,000 units, +88% or 33,700 units versus 2023.
- As might be expected, most EV sales have been of later model year units, with units up to 5-years-old responsible for 78% of total EV sales.
Monthly AuctionNet data is derived from 265 NAAA member auctions that use AuctionNet. It is considered the most comprehensive source of wholesale auto auction sales data in the U.S. Starting in June 2024, monthly figures reflect all sales, not just fleet/lease sales, as they did in the previous monthly releases due to underlying changes in how the data is reported.
Recent News: August 2024 Fleet Sales
Originally posted on Automotive Fleet
