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The US Vehicle Auction Market: Size and Forecasts with Impact Analysis of COVID-19 (2021-2025 Edition)

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    Report

  • 61 Pages
  • October 2021
  • Region: United States
  • Daedal Research
  • ID: 5135097

The report includes the analysis of the vehicle auction market in the US in terms of value, volume and type.






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 2021-2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.


KAR Auction Services Inc., Copart Inc. and COX Enterprises (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.


 


 


 


Frequently Asked Questions about the US Vehicle Auction Market

What is the estimated value of the US Vehicle Auction Market?

The US Vehicle Auction Market was estimated to be valued at $3.03 Billion in 2021.

What is the growth rate of the US Vehicle Auction Market?

The growth rate of the US Vehicle Auction Market is 3.1%, with an estimated value of $3.42 Billion by 2025.

What is the forecasted size of the US Vehicle Auction Market?

The US Vehicle Auction Market is estimated to be worth $3.42 Billion by 2025.

Who are the key companies in the US Vehicle Auction Market?

Key companies in the US Vehicle Auction Market include KAR Auction Services Inc. and COX Enterprises (Manheim).

Table of Contents


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 Type (whole car and salvage vehicle)
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 Type (whole car and salvage vehicle)
3.2.3 The US Whole Car Vehicle Auction Market by Volume
3.2.4 The US Salvage Vehicle Auction Market by Volume
3.2.5 The US Whole Car Vehicle Auction Market Volume by Distribution Channel (physical and online only auctions)
3.2.6 The US Online Only Whole Car Vehicle Auction Market by Volume


4. Impact of Covid-19
4.1 Impact on Used 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 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


List of Figures and Tables
Figure 1: Vehicle Auction Market by Type
Figure 2: The US Vehicle Auction Market by Value; 2016-2020 (US$ Billion)
Figure 3: The US Vehicle Auction Market by Value; 2021-2025 (US$ Billion)
Figure 4: The US Vehicle Auction Market Value by Type; 2020 (Percentage, %)
Figure 5: The US Whole Car Vehicle Auction Market by Value; 2016-2020 (US$ Billion)
Figure 6: The US Whole Car Vehicle Auction Market by Value; 2021-2025 (US$ Billion)
Figure 7: The US Salvage Vehicle Auction Market by Value; 2016-2020 (US$ Billion)
Figure 8: The US Salvage Vehicle Auction Market by Value; 2021-2025 (US$ Billion)
Figure 9: The US Vehicle Auction Market by Volume; 2016-2020 (Million Units)
Figure 10: The US Vehicle Auction Market by Volume; 2021-2025 (Million Units)
Figure 11: The US Vehicle Auction Market Volume by Type; 2020 (Percentage, %)
Figure 12: The US Whole Car Vehicle Auction Market by Volume; 2016-2020 (Million Units)
Figure 13: The US Whole Car Vehicle Auction Market by Volume; 2021-2025 (Million Units)
Figure 14: The US Salvage Vehicle Auction Market by Volume; 2016-2020 (Million Units)
Figure 15: The US Salvage Vehicle Auction Market by Volume; 2021-2025 (Million Units)
Figure 16: The US Whole Car Vehicle Auction Market Volume by Distribution Channel; 2020 (Percentage, %)
Figure 17: The US Online Only Whole Car Vehicle Auction Market by Volume; 2016-2020 (Million Units)
Figure 18: The US Online Only Whole Car Vehicle Auction Market by Volume; 2021-2025 (Million Units)
Figure 19: The US Total Average Age of Light Vehicles; 2015-2019
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 Revenue; 2016-2020 (US$ Billion)
Figure 23: KAR Auction Services Revenue by Segment; 2020 (Percentage, %)
Figure 24: KAR Auction Services Revenues by Region; 2020 (Percentage, %)
Figure 25: Copart Revenues; 2016-2020 (US$ Billion)
Figure 26: Copart Revenues by Segment; 2020 (Percentage, %)
Figure 27: Copart Revenues by Region; 2020 (Percentage, %)
Table 1: Types of Vehicle Auctions
Table 2: Summary of Online Dealer Competition

Executive Summary

Vehicle auctions are a way of selling vehicles via the systems of auctions. Vehicles offered for auctions are usually very cheap compared to the ones that are sold at conventional car dealerships and distributors.


The vehicle auction market can be split into two segments which are whole/ used cars auctions and salvage auctions. Whole car auction vehicles include 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 (2021-2025). 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.


Companies Mentioned

  • KAR Auction Services Inc.
  • Copart Inc.
  • COX Enterprises (Manheim)