
The US Vehicle Auction Market (by Volume, Type, & Distribution Channel): Insights and Forecast with Potential Impact of COVID-19 (2023-2028)
Description
The US Vehicle Auction Market (by Volume, Type, & Distribution Channel): Insights and Forecast with Potential Impact of COVID-19 (2023-2028)
Market Insight:
Vehicle auctions, often known as auto auctions, are a method of selling automobiles through an auction system. These auctions allow consumers to purchase used and salvage automobiles through a bidding procedure.
The value of the US vehicle auction market has increased in recent years due to a variety of factors such as an increase in car collisions, an increase in the average age of cars, and so on. Furthermore, with stagnating earnings and growing living costs, the used automobile industry is projected to thrive in the next years. Car auctions are becoming appealing to both dealerships and private customers around the country as a low-cost way to obtain a vehicle. The US vehicle auction market is expected to reach US$3.23 billion in 2023, growing at a CAGR of 3.41% over the projected period.
Segment Covered:
- By Type: In terms of type, the report provides insights of the US vehicle auction market into two segments: Whole Car and Salvage Vehicle. In terms of value and volume, the whole car held the highest share of the market. Also, the whole car is expected to be the fastest-growing segment in the forecasted period, owing to factors such as the rise in popularity of online car auction sites. Since inventory on an online auction site is available 24/7 and covers a larger geographic area, bidding instances have increased for popular car makes and thus, on an aggregate level, caused their general resale value to increase.
- By Distribution Channel: The report further provides the bifurcation of the whole car auction market volume into two segments based on the distribution channel: Online and Physical. The online whole car auction market held the largest share of the market because of the benefits the online channel has offered to both the buyers and the sellers.
Growth Drivers
- Increasing Vehicle’s Average Life
- Rise in Vehicle Crashes
- Hike in Revenue Per Car Auctioned Pricing
- Strong International Demand
- Fluctuations in the Supply of Used Vehicles
- Vulnerability to Economic Conditions
- Integration of Online Auction and Artificial Intelligence (AI)
- Acquisitions
- Extensive Use of Data and Analytic Capabilities to Streamline Operation
- Change in Consumer Behavior
- Driver: Increasing Vehicle’s Average Life
- Challenge: Fluctuations in the Supply of Used Vehicles
- Trend: Integration of Online Auction and Artificial Intelligence (AI)
The COVID-19 Analysis:
The COVID-19 pandemic had negatively impacted the demand for used vehicles all across the US and, hence there had been a continuous decline in wholesale values in the year 2020. The market showcased recovery in the year 2021, at places where the restrictions were lifted backed by the declining number of cases. Moreover, in 2021, the vaccines for COVID-19 started to roll out. This has further boosted the market growth and increased the used vehicle demand. This coupled with supportive government policies had potentially helped in offsetting the overall negative impact in the year 2021.
Analysis of Key Players:
The US vehicle auction market is highly consolidated. The key players in the US vehicle auction market are:
- ACV Auctions Inc.
- Copart Inc.
- Insurance Auto Auctions Inc.
- KAR Auction Services, Inc.
- Shift Technologies, Inc.
- E Automotive Inc. (EBlock)
- eBay, Inc. (eBay Motors)
- COX Enterprises, Inc. (Manheim, Inc.)
- Barrett-Jackson Collector Car Auction
- A Better Bid Car Auctions
- AutoBidMaster
- Auto Auction Mall
Table of Contents
90 Pages
- 1. Executive Summary
- 2. Introduction
- 2.1 Vehicle Auction: An Overview
- Table 1: Types of Vehicle Auctions
- 2.2 Vehicle Auction: General Process
- Table 2: General Process of Vehicle Auction
- 2.3 Vehicle Auction: Advantages and Disadvantages
- Table 3: Advantages and Disadvantages of Vehicle Auction
- 2.4 Vehicle Auction Segmentation: An Overview
- Table 4: Vehicle Auction Segmentation
- 3. The US Market Analysis
- 3.1 The US Vehicle Auction Market: An Analysis
- 3.1.1 The US Vehicle Auction Market: An Overview
- 3.1.2 The US Vehicle Auction Market by Value
- Table 5: The US Vehicle Auction Market by Value; 2018-2022 (US$ Billion)
- Table 6: The US Vehicle Auction Market by Value; 2023-2028 (US$ Billion)
- 3.1.3 The US Vehicle Auction Market by Type (Whole Car and Salvage Vehicle)
- Table 7: The US Vehicle Auction Market by Type; 2022 (Percentage, %)
- 3.2 The US Vehicle Auction Market: Volume Analysis
- 3.2.1 The US Vehicle Auction Market by Volume: An Overview
- 3.2.2 The US Vehicle Auction Market by Volume
- Table 8: The US Vehicle Auction Market by Volume; 2018-2022 (Million Units)
- Table 9: The US Vehicle Auction Market by Volume; 2023-2028 (Million Units)
- 3.2.3 The US Vehicle Auction Market Volume by Type (Whole Car and Salvage Vehicle)
- Table 10: The US Vehicle Auction Market Volume by Type; 2022 (Percentage, %)
- 3.3 The US Vehicle Auction Market: Type Analysis
- 3.3.1 The US Vehicle Auction Market by Type: An Overview
- 3.3.2 The US Whole Car Auction Market by Value
- Table 11: The US Whole Car Auction Market by Value; 2018-2022 (US$ Billion)
- Table 12: The US Whole Car Auction Market by Value; 2023-2028 (US$ Billion)
- 3.3.3 The US Whole Car Auction Market by Volume
- Table 13: The US Whole Car Auction Market by Volume; 2018-2022 (Million Units)
- Table 14: The US Whole Car Auction Market by Volume; 2023-2028 (Million Units)
- 3.3.4 The US Whole Car Auction Market Volume by Distribution Channel (Online and Physical)
- Table 15: The US Whole Car Auction Market Volume by Distribution Channel; 2022 (Percentage, %)
- 3.3.5 The US Salvage Vehicle Auction Market by Value
- Table 16: The US Salvage Vehicle Auction Market by Value; 2018-2022 (US$ Billion)
- Table 17: The US Salvage Vehicle Auction Market by Value; 2023-2028 (US$ Billion)
- 3.3.6 The US Salvage Vehicle Auction Market by Volume
- Table 18: The US Salvage Vehicle Auction Market by Volume; 2018-2022 (Million Units)
- Table 19: The US Salvage Vehicle Auction Market by Volume; 2023-2028 (Million Units)
- 3.4 The US Whole Car Auction Market: Distribution Channel Analysis
- 3.4.1 The US Vehicle Auction Market by Distribution Channel: An Overview
- 3.4.2 The US Online Whole Car Auction Market by Volume
- Table 20: The US Online Whole Car Auction Market by Volume; 2018-2022 (Million Units)
- Table 21: The US Online Whole Car Auction Market by Volume; 2023-2028 (Million Units)
- 3.4.3 The US Physical Whole Car Auction Market by Volume
- Table 22: The US Physical Whole Car Auction Market by Volume; 2018-2022 (Million Units)
- Table 23: The US Physical Whole Car Auction Market by Volume; 2023-2028 (Million Units)
- 4. Impact of Covid-19
- 4.1 Impact on the US Vehicle Auction Market
- 4.1.1 Impact on Used Vehicle Auction Market
- 4.1.2 Shift from Physical to Digital Vehicle Auction Platforms
- 4.1.3 Response of Market Players
- 5. Market Dynamics
- 5.1 Growth Drivers
- 5.1.1 Increasing Vehicle’s Average Life
- Table 24: The US Vehicle’s Average Age; 2017–2021 (Years)
- 5.1.2 Growing Internet Users
- Table 25: The US Number of Internet Users; 2017–2022 (Million)
- 5.1.3 Rise in Vehicle Crashes
- 5.1.4 Hike in Revenue Per Car Auctioned Pricing
- 5.1.5 Strong International Demand
- 5.2 Challenges
- 5.2.1 Fluctuations in the Supply of Used Vehicles
- 5.2.2 Vulnerability to Economic Conditions
- 5.2.3 Fraudulent Activities in Online Auctions
- 5.3 Market Trends
- 5.3.1 Integration of Online Auction and Artificial Intelligence (AI)
- Table 26: North America AI Market Revenue; 2017–2028 (Billion)
- 5.3.2 Acquisitions
- 5.3.3 Extensive Use of Data and Analytic Capabilities to Streamline Operation
- 5.3.4 Change in Consumer Behavior
- 6. Competitive Landscape
- 6.1 The US Vehicle Auction Players by Market Share
- 6.1.1 The US Used Vehicle Auction Players by Market Share
- Table 27: The US Used Vehicle Auction Players by Market Share; 2022 (Percentage, %)
- 6.2 The US Online Vehicle Auction Market: Players Analysis
- Table 28: Summary of Online Dealer Competition
- 7. Company Profiles
- 7.1 KAR Auction Services, Inc.
- 7.1.1 Business Overview
- 7.1.2 Operating Segments
- Table 29: KAR Auction Services, Inc. Revenue by Segment; 2021 (Percentage, %)
- 7.1.3 Business Strategies
- 7.2 Copart Inc.
- 7.2.1 Business Overview
- 7.2.2 Operating Segments
- Table 30: Copart Inc. Revenue by Segment; 2022 (Percentage, %)
- 7.2.3 Business Strategies
- 7.3 ACV Auctions Inc.
- 7.3.1 Business Overview
- 7.3.2 Operating Segments
- Table 31: ACV Auctions Inc. Revenue by Segment; 2021 (Percentage, %)
- 7.3.3 Business Strategies
- 7.4 Insurance Auto Auctions Inc.
- 7.4.1 Business Overview
- 7.4.2 Operating Segments
- Table 32: Insurance Auto Auctions Inc. Revenues by Segment; 2021 (Percentage, %)
- 7.4.3 Business Strategies
- 7.5 Shift Technologies, Inc.
- 7.5.1 Business Overview
- 7.5.2 Operating Segments
- Table 33: Shift Technologies, Inc. Revenue by Segment; 2021 (Percentage, %)
- 7.5.3 Business Strategies
- 7.6 eBay, Inc. (eBay Motors)
- 7.6.1 Business Overview
- 7.6.2 Net Revenues by Type
- Table 34: eBay, Inc. Net Revenues by Type; 2021 (Percentage, %)
- 7.6.3 Business Strategies
- 7.7 E Automotive Inc. (EBlock)
- 7.7.1 Business Overview
- 7.7.2 Business Strategy
- 7.8 COX Enterprises, Inc. (Manheim, Inc.)
- 7.8.1 Business Overview
- 7.8.2 Business Strategies
- 7.9 Auto Auction Mall
- 7.9.1 Business Overview
- 7.9.2 Business Strategies
- 7.10 Barrett-Jackson Collector Car Auction
- 7.10.1 Business Overview
- 7.10.2 Business Strategies
- 7.11 A Better Bid Car Auctions
- 7.11.1 Business Overview
- 7.12 AutoBidMaster
- 7.12.1 Business Overview
Pricing
Currency Rates
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