The U.S. 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.
The 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.
KAR Auction Services, Copart, 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.
This report 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.
Key Topics Covered
1. Executive Summary
2. Introduction 2.1 Vehicle Auction: An Overview 2.2 Vehicle Auction: General Process 2.3 Vehicle Auction: Advantages and Disadvantages 2.4 Vehicle Auction Market: An Overview
3. The US Market Analysis 3.1 The US Vehicle Auction Market: Value Analysis 3.1.1 The US Vehicle Auction Market by Value 3.1.2 The US Vehicle Auction Market Value by Segments 3.1.3 The US Whole Car Vehicle Auction Market by Value 3.1.4 The US Salvage Vehicle Auction Market by Value 3.2 The US Vehicle Auction Market: Volume Analysis 3.2.1 The US Vehicle Auction Market by Volume 3.2.2 The US Vehicle Auction Market Volume by Segments 3.2.3 The US Whole Car Vehicle Auction Market by Volume 3.2.4 The US Whole Car Vehicle Auction Market Volume by Channels 3.2.5 The US Dealer Whole Car Auction Market by Volume 3.2.6 The US Institutional Whole Car Auction Market by Volume 3.2.7 The US Online Only Whole Car Vehicle Auction Market by Volume 3.2.8 The US Salvage Vehicle Auction Market by Volume
4. Impact of COVID-19 4.1 Impact on Used Vehicle Auction Market 4.2 Shift from Physical to Digital Vehicle Auction Platforms 4.3 Response of Market Players
5. Market Dynamics 5.1 Growth Drivers 5.1.1 Upsurge in Average Age of Light Vehicles 5.1.2 Rise in Vehicle Crashes 5.1.3 Hike in Revenue Per Car Auctioned Pricing 5.1.4 Strong International Demand 5.2 Challenges 5.2.1 Fluctuations in the Supply of Used Vehicles 5.2.2 Vulnerability to Economic Conditions 5.3 Market Trends 5.3.1 Acquisitions 5.3.2 Integration of Online Auction and Artificial Intelligence (AI) 5.3.3 Extensive Use of Data and Analytic Capabilities to Streamline Operations
6. Competitive Landscape 6.1 North America Vehicle Auction Market: Players Analysis 6.1.1 North America Vehicle Auction Market Players by Share 6.1.2 The US Online Vehicle Auction Players Analysis
7. Company Profiles 7.1 KAR Auction Services Inc. 7.1.1 Business Overview 7.1.2 Financial Overview 7.1.3 Business Strategy 7.2 Copart Inc. 7.2.1 Business Overview 7.2.2 Financial Overview 7.2.3 Business Strategy 7.3 Manheim 7.3.1 Business Overview 7.3.2 Business Strategy