Auction sales volumes have rebounded to a level consistent with, and on some days higher than, this time last year, despite most auctions continuing to operate under an all-digital platform.
This is being driven by strong retail sales, consumer demand, and the need to backfill, leading dealers to use auctions as their main source of inventory, according to data from Black Book.
The number of sales bottomed out around an 80% year-over-year decline when most auctions closed their physical sales (and some closed entirely) at the end of March.
Meanwhile, sales rates at auction have been climbing each week since the pandemic’s outbreak and have now stabilized.
See all comments