Total AuctionNet wholesale auction sales reached 569,000 vehicles in February, up 2.9% on a selling-day adjusted basis compared to last year.

Sales also improved 3.5% compared to January. Wholesale auction sales over the first two months of the year totaled 1.174 million units, up 4.4% versus 2024’s January-February total. 

Following a strong January in which sales increased more than 12% year-over-year, dealer auction sales rose a modest 1% in February (selling day adjusted), which is the smallest increase observed since last September. 

By comparison, commercial auction sales followed up January’s nearly 12% increase with a 10% rise last month.

For fleet sales specifically, sales of vehicles up to 2 years old, which consist of a heavy mix of rental units, jumped more than 15% year-over-year last month, while fleet sales of 3-year-old vehicles (which include a large percentage of off-lease units) were up 10.7%. Fleet sales of 4-to-5-year-old vehicles fell 8.8% year-over-year.

Mainstream car fleet sales fell nearly 11% in February compared to the prior year, while mainstream utility fleet sales rose by nearly 10%. 

The volume of compact and midsize cars has been tight over the past two years, especially for compact cars, while the volume of compact and midsize utility cars has grown by more than 15%. The relative lack of compact and midsize cars means that consumers electing to use their tax refund on a used vehicle purchase will have fewer affordable options this spring. 

Electric vehicle sales growth moderated in February, falling from January’s year-over-year rise of 64% to “just” 46.6% last month (selling day adjusted). However, the decline is because EV auction sales accelerated throughout the year last year, so prior-year comparisons will gradually become less gaudy as time passes. 

In addition, total EV sales exceeded 10,400 units, the third highest total recorded for any month.

Looking ahead, wholesale prices typically rise over a given first quarter as consumer tax refunds are used to purchase many used vehicles. 

The degree to which wholesale prices rise over the quarter this year (if they do) will be heavily influenced by the effect of tariffs on new vehicle prices, consumer confidence and outlook, and near-term trends in wholesale supply, particularly off-lease supply, which is scheduled to fall acutely as the year progresses.

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