Commercial activity continued to prop up auction sales in November, as AuctionNet wholesale auction sales rose 1.2% higher versus November 2024 (selling-day adjusted). 

As is often the case, however, sales fell compared with the typically busier month of October, dropping more than 5%. Through November, auction sales are up 5% compared to 2024.

Dealers See High Used Vehicle Demand

Dealer sales fell more than 5% on a prior-year basis in November, and 7% compared to October (selling day adjusted). By comparison, commercial sales were 12% higher this November than last year and were just 0.8% lower than in October. 

Dealer sales of vehicles up to 6 years old, which are increasingly in high demand given the ongoing rise in new-vehicle prices, were down 12% from last November and 6% from October. 

Year-to-date, the group's auction sales are down 1.7%. 

Rental Fleets Drive Commercial Sales Spike

As for commercial sales, data show nearly 32% year-over-year and 4% month-over-month increases in two-year-old commercial vehicle sales, indicating that rental fleets continued to remarket larger quantities of out-of-service vehicles last month. Two-year-old vehicle sales were 33.6% higher through November compared to last year.

At the opposite end of the age spectrum, commercial sales of 7+ year-old vehicles also continued a more than year-long run of double-digit growth, reflecting the elevated repossession environment that has been in place since early 2024. 

Specifically, prior-year growth for the age group averaged 22% in the five months leading up to November, with growth moderating slightly to 19% year over year in November (selling-day adjusted). 

Year-to-date, group sales are nearly 18% above last year's pace.

Sales By Vehicle Segment 

Sales at the segment level continue to follow familiar trends, which will be the case moving forward given their new vehicle sales trajectory. Car volume continues to fall, while truck and utility sales are growing. 

• Compact crossover/SUV auction sales were nearly 8% higher this year than last November and year-to-date. Sales for the group are up 8% versus the Jan-Nov 2024 period. 

• Mid-Size utility sales have grown 11.3% year-to-date, most among select segments. 

EVs Losing Resale Value

Electric vehicle auction sales approached 150,000 units year-to-date in November, or just over 2% of total AuctionNet sales, while EV retention continued to fall from already depressed levels. It fell from 35.6% of their average new-vehicle MSRP in October to 34.2% in November. 

Put another way, an EV priced at $70,000 three years ago has lost about $46,000 in value since.

Depreciation Improves Slightly 

Following October's 4.4% fall versus September, depreciation was slightly better (and more seasonally “typical”) in November, with prices dropping 3.3% compared to October. For context, monthly depreciation averaged 3.6% in November from 2022-2024.

Monthly AuctionNet data is derived from 265 National Auto Auction Association member auctions that use AuctionNet, and is considered the most comprehensive source of wholesale auto auction sales data in the U.S.