The US Vehicle Auction Market: Size and Forecasts with Impact Analysis of Covid-19 (2020-2024)

Scope of the Report

Best US Vehicle Auction Market Report

The report titled “The US Vehicle Auction Market: Size and Forecasts with Impact Analysis of Covid-19 (2020-2024)” includes the analysis of the vehicle auction market in the US in terms of value, volume and segments. Under competitive landscape, players within the North America vehicle auction market have been compared on the basis of share followed by qualitative analysis of the players specifically within the online auction space.

Moreover, the report assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall vehicle auction market has also been forecasted for the years 2020-2024, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.

KAR Auction Services Inc., Copart Inc. and Manheim are some of the major players operating in the market whose company profiling has been done in the report. In this section of the report, business overview, financial overview and the business strategies of the companies are provided.

Company Coverage

KAR Auction Services Inc.
Copart Inc.
Manheim

Executive Summary

The vehicle auction market can be split into two segments which are whole/ used cars auctions and salvage auctions. Whole car auction vehicles includes vehicles sold by vehicle manufacturers, used car dealers and their captive finance companies, commercial fleet operators, rental car companies and financial institutions to franchised and independent used vehicle dealers. On the other hand, salvage vehicle auction industry offers a venue for sellers, mainly automobile insurance companies, to dispose total loss, damaged or low value vehicles to dismantlers, scrap dealers, rebuilders or qualified public buyers.

The US vehicle auction market is forecasted to grow at a healthy rate during the forecast period (2020-2024). The market is supported by various growth drivers such as rise in average age of light vehicles in the country, hike in vehicle crashes, surging revenue per car auctioned pricing and strong demand for salvage auction vehicles of US from international buyers. Fluctuations in supply of used vehicles and the possibilities of the business of vehicle auction service providers getting negatively impacted in the case of unfavorable economic conditions are some of the challenges confronted by the market.

Acquisitions, integration of online auctions with technologies such as Artificial Intelligence (AI) and extensive use of data and analytic capabilities to streamline auction processes are some of the trends in the market that have been captured in this report.

Covid -19 pandemic has decreased discretionary spending significantly and as such the demand for used vehicles in the US from platforms such as auctions has also suffered. On the other hand, due to stay at home orders, traffic congestions on roads is low lending to lesser collisions which in turn is affecting salvage auction volumes. Physical auctions have taken a back seat and online/ digital auctions have become the new normal.

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US Vehicle Auction Market

US Vehicle Auction Market Research

US Vehicle Auction Market Report

Figure 1: Vehicle Auction Market Segments
Figure 2: The US Vehicle Auction Market by Value; 2015-2019 (US$ Billion)
Figure 3: The US Vehicle Auction Market by Value; 2020-2024 (US$ Billion)
Figure 4: The US Vehicle Auction Market by Value Type; 2019 (Percentage,%)
Figure 5: The US Whole Car Vehicle Auction Market by Value; 2015-2019 (US$ Billion)
Figure 6: The US Whole Car Vehicle Auction Market by Value; 2020-2024 (US$ Billion)
Figure 7: The US Salvage Vehicle Auction Market by Value; 2015-2019 (US$ Billion)
Figure 8: The US Salvage Vehicle Auction Market by Value; 2020-2024 (US$ Billion)
Figure 9: The US Vehicle Auction Market by Volume; 2016-2019 (Million Units)
Figure 10: The US Vehicle Auction Market by Volume; 2020-2024 (Million Units)
Figure 11: The US Vehicle Auction Market Volume by Type; 2019 (Percentage,%)
Figure 12: The US Whole Car Vehicle Auction Market by Volume; 2016-2019 (Million Units)
Figure 13: The US Whole Car Vehicle Auction Market by Volume; 2020-2024 (Million Units)
Figure 14: The US Whole Car Vehicle Auction Market Volume by Distribution Channels; 2019 (Percentage,%)
Figure 15: The US Online Only Whole Car Vehicle Auction Market by Volume; 2016-2019 (Million Units)
Figure 16: The US Online Only Whole Car Vehicle Auction Market by Volume; 2020-2024 (Million Units)
Figure 17: The US Salvage Vehicle Auction Market by Volume; 2016-2019 (Million Units)
Figure 18: The US Salvage Vehicle Auction Market by Volume; 2020-2024 (Million Units)
Figure 19: US Total Average Age of Light Vehicles; 2012-2018
Figure 20: Number of Vehicle Crashes in the US; 2011-2017 (Million)
Figure 21: North America Whole Car Auction Market by Players; 2019 (Percentage,%)
Figure 22: KAR Auction Services; 2015-2019 (US$ Billion)
Figure 23: KAR Auction Services Revenues by Segment; 2019 (Percentage,%)
Figure 24: KAR Auction Services Revenues by Region; 2019 (Percentage,%)
Figure 25: Copart Revenues; 2015-2019 (US$ Billion)
Figure 26: Copart Revenues by Segment; 2019 (Percentage,%)
Figure 27: Copart Revenues by Region; 2019 (Percentage,%)
Table 1: Types of Vehicle Auctions
Table 2: Summary of Online Dealer Competition