KAR Global is immediately transitioning to Simulcast-only sales at all U.S. and Canada ADESA auction locations until further notice as the coronavirus pandemic continues to evolve, according to KAR Auction Services.
Prices and volume are not expected to plummet in 2019, but industry experts seem to feel that the best-case scenario will be a plateau, and more realistically, will fall slightly.
The average price for used fleet vehicles fell 2% at auction in October, but remained 6.1% higher than a year ago amid a strong month for wholesale prices, according to Tom Kontos, KAR Auction Services' chief economist.
Vehicles from fleet consignors followed the broader used-vehicle market downward in September, as wholesale prices struggled to keep up with last year's hurricane-driven demand and a now robust upstream market, said Tom Kontos, KAR Auction Services' chief economist.
Several North Carolina used vehicle auctions closed as a result of Hurricane Florence sweeping into the state, while others shifted to online sales or delayed on-site sales.
Manheim and ADESA reopened their Florida auction facilities on Tuesday, as Hurricane Irma moved north toward Tennessee.
Five ADESA auctions remained closed Monday as Hurricane Irma moved through Georgia and Alabama, and two ADESA auctions in those states curtailed hours and staff, the KAR Auction Services unit announced.
Prices consignors booked from off-lease fleet vehicles fell 0.2% in May, but remain up 3.5% from a year ago, Tom Kontos wrote in his monthly Kontos Kommentary.
Average wholesale prices increased in April from March and from a year ago on the strength of truck values, but several benchmark segments in fleet lease sales are showing weakness, said Tom Kontos in his monthly commentary.
In March, prices were down 2.5% year-over-year for current and one-model-year-old units and down 2.6% for three-model-year-old units, according to ADESA. Overall, wholesale used prices were up 2% compared to February and up 1% year-over-year.