Independent auctions saw growth amid plenty of market upheavals during the last two years as they adjusted hybrid sales channels, new technology, and a shifting consignment mix.
A panel of auction owners and managers will address the wide array of changes confronting the auto auction sector and its related markets during the 2022 Conference of Automotive Remarketing (CAR) being held March 22-24 at Caesars Las Vegas.
Led by Dan Diedrich, CEO of Auction Edge, the panel includes David Andrews, owner and CEO of City Enterprises LLC, Shelly Frank, national accounts dealer of Dealers Auto Auction of the Rockies & Southwest, Chad Bailey, president of Akron Auto Auction, and Britney Smith-Egbert, director of business development of Dealers Auto Auction Idaho.
Diedrich said attendees will gain insight into what auction leaders are doing to address the continued evolution in remarketing.
“As the changes in our industry accelerate, complacency can lead to mid and long term business risk. While independent auctions are still grounded in real estate, they are embracing change and gaining market share in a challenging time. We are going to explore the underlying dynamics with these industry leaders.”
Among the key topics panelists will explore:
Land investment: With myriads of digital marketplace entrants, auctions are still investing in facilities and opening new physical facilities. What are the reasons for still investing in physical infrastructure?
Consignment mix: As supply chain issues persist, the industry has seen a historic shortage of institutional consignment. Dealerships are still struggling to fill lots, and off lease volumes are stubbornly low, yet year over year growth persists. How much of that is increased consignment versus increased conversion?
Next moves: Whenever a steady state of normalized supply and demand arrives, what steps should auction operators take now to be ready for higher volumes but potentially lower transaction prices?
Originally posted on Vehicle Remarketing
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