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SEARCHThere was a significant drop in sold volume (both month-over-month, and year-over-year) in wholesale channels from September to November of 2020.
The graph illustrates the estimated year-over-year change in the monthly sold volume within the wholesale market. The summary includes all major wholesale channels, including open auctions (digital and physical), dealer-to dealer platforms, direct to dealer sales, etc.
Graphic: Black Book
Over the last several weeks of 2020, wholesale sold volume decreased as dealers started to pull back on purchasing, according to Black Book.
Black Book reported a significant drop in sold volume (both month-over-month, and year-over-year) in wholesale channels from September to November of 2020.
There are several factors that contributed to this drop. For example, the no-sale rate increased substantially during the Fall season by about 15%, as many remarketers were not willing to adjust price floors.
There was also a year-over-year decrease in available units:
Rental companies held back some units to cover hurricane related rentals in September and October.
Lower volume was sold in November as purchases of new models are being pushed into 2021.
Repossessions are slow to hit the market, as the process has slowed down significantly compared to pre-COVID days.
Dealers are holding on to more trade-ins and lease returns compared to previous years.
However, the drops in volume were not uniform across all auctions and platforms, Black Book said.
Originally posted on Vehicle Remarketing
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