How many of you uttered (or heard) this phrase back when cars had more analog controls?
“The volume knob must be broken.”
That was also the cleverly worded headline of a summary slide in the second AutoIMS Industry View, a quarterly recap of data metrics gathered through the AutoIMS Sales Scorecard.
And it certainly speaks to what’s happening in today’s supply-constrained environment, as the “volume” to which AutoIMS is referring is not the tunes coming out of the car stereo speakers.
“Now with two quarters of data under our belts, we are gaining some new clarity as an industry about what appears will be low volume for the foreseeable future,” AutoIMS said in the report summary.
In fact, one of the first slides in the report — illustrating the percent change in auction sales volume from the year-ago period — shows that after a major spike in early spring, recent months have shown a slowdown from a year ago, with May and June each down near or above 30% year-over-year.
The report delves further into the numbers beyond volumes, including conversion rates, prices, condition report grades and more. Here are some other stat highlights from the report:
Conversion rates in the second quarter were more than 13 percentage points year-over-year, climbing from 58.21% to 71.65%, according to AutoIMS.
(This is calculated as the percent of vehicles sold on the same day they were offered for sale, the company said).
Average sale price came in at $16,096 in Q2, up from $13,089.76 a year ago, according to the data.
Next up, the average vehicle grade (based on the final condition report grade) when a vehicle was sold came in at 2.88 in the second quarter, down from 3.28 a year ago, the company said.
Average damage estimate per vehicle (also based on the final condition report when the vehicle was sold) increased from $1,661.10 to $1,806.93.
Vehicles sold with an average mileage of 83,546, up from 71,982 a year ago, according to the report.
A car going from assigned to secured took 3.7 days in Q2, down from 9.3 days a year ago. The time it took a car to do from secured to sold (or auction arrival to sale) was 27.2 days last quarter, compared to 43.9 days a year ago.
Source : AutoFinanceNews
