There was a double-digit slide in the auction volume of late-model vehicles from June to July — but that’s typical for summer, J.D. Power said in a report this week.
And what’s more, late-model auction volume was up more than 7 percent year-to-date through July.
According to the latest Guidelines report from J.D. Power Valuation Services, auction volume was at 208,736 for vehicles 3 years old or newer in July. That was down 16.4 percent month-over-month, a decline that J.D. Power called “common for this time of year.”
In seven months, late-model auction volume has amassed 1.68 million units, compared to 1.57 million in the same time frame of 2016, J.D. Power shared.
Trucks and SUVs are leading the auction volume gains, with luxury compact utility vehicles climbing 55 percent to top the list and midsize pickups jumping 35.7 percent.
The most significant decreases have been among the luxury midsize cars (down 22.6 percent) and large cars (down 12.5 percent).
Cars have a 54 percent share of auction volume, with trucks at 46 percent. J.D. Power points out this is the opposite of new-car sales, where trucks are dominating.
Looking at the overall auction market, sales were up 2 percent in the first half of the year, according to KAR Auction Services and AuctionNet analysis cited by Auto Remarketing correspondent Arlena Sawyers in this story.
National Auto Auction Association chief economist Ira Silver is forecasting more than 10 million auction sales this year, which would be a new record, the same story indicates.