USED MARKET UPDATE: SEPTEMBER 3, 2020
Wholesale auction sales of vehicles up to 8 years old for the week ending August 30 reached 73,000 units, this was the lowest level recorded since week ending May 3’s 61,000-unit figure, and 23% lower vs. week ending August 23 results. While significantly lower week-over-week, sales last week were likely disrupted due to hurricane Laura, which severely impacted Gulf States. As a result, sales for the week ending August 30 were 28% less than the J.D. Power pre-virus forecast for the period.
Segment-level auction sales on the mainstream side of the market were down by an average of 20% for the week ending August 30. SUV segments experienced the biggest sales declines, midsize and large SUV volumes fell by an average of 30%. Remaining mainstream results were mixed, however, they remained closer to the overall sector average for the period. On the premium side of the market, sales were reduced by an average of 34% the week ending August 30. Premium results were mixed across segment types. For example, large premium car sales fell by 58% followed by 47% reductions in large premium SUV and small premium car sales.
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