Call it sales efficiency.
Though there was a slight decrease in the number of vehicles entering auto auctions last year, the members of the National Auto Auction Association actually sold more cars than they did in 2016 and at a higher price tag.
Just over 10 million vehicles were sold at NAAA-member auctions in 2017, which was up 2.5 percent over 2016 and represented $105.6 billion in sales, according to the association’s annual survey.
That $105.6 billion in gross value of units sold was up from $100 billion in 2016.
There were 17.32 million vehicles that entered the auction in 2017, compared to 17.74 million a year earlier. The percent sold climbed from 55.1 percent to 57.8 percent.
Average price per unit was up 3 percent at $10,544.
“The 2017 results are encouraging,” NAAA chief executive officer Frank Hackett said in a news release.
“The survey results show the strength and depth of a mature industry that has demonstrated its resiliency,” he said. “I am confident we'll continue to be a vital and growing part of our nation’s economy for years to come.”
Of the 10 million cars sold at auction, 50.3 percent were dealer consignment, with lease/fleet/repo next (43.2 percent).
OEM vehicles represented a 5.5-percent share, and 0.8 percent of the sales volume came from other sources, according to the survey.
The survey, which was conducted by Virginia-based Robert A. Casey Consulting, had a 71-percent response rate, as 244 North American NAAA members participated.