ServNet Beats Industry Average

By Staff Writer April 26, 2021

Auction volumes in 2020 were between 16% and 19.5% lower than those posted overall in 2019, according to the National Auto Auction Association and AuctionNet. The first quarter of 2021 continues the trend, with a recent report from JD Power showing that auction volume for 5-year-old and newer vehicles was down 28.2% in Quarter 1 of 2021 over the same period last year.

ServNet auctions, however, tell a different story, as its 24 member auctions not only survived the COVID-imposed restrictions on the auction industry, but thrived in spite of them.

ServNet’s President Bruce Beam reports that ServNet’s data analytics show the strength and vitality of the independent auctions that far surpasses the health of the industry as a whole.

ServNet member auctions adapted operations to deal with COVID-19 restrictions

“While we all expected a dip in volumes for 2020 overall, our data shows that our volume was down just 7% in 2020, significantly better than the overall industry report,” notes Beam. “But even more exciting are the results from the 1st quarter of 2021, which show that ServNet’s volume is up 11.5% over 2020.”

ServNet’s volume is also up nearly 2% over the 1st quarter of 2019, Beam added.

“Even in a restricted market, our volume has surpassed pre-COVID levels,” said Beam. “The numbers show the value that dealers and fleet sellers see in the doing business with independent auctions, who are operating safely during the COVID pandemic.”

Beam attributes the positive report to the ability of ServNet member auctions to adapt and adjust operations to continue to provide vital services to its customers. At the onset of the pandemic, ServNet auctions converted to 100% virtual selling within a matter of days, and most auctions never missed a sale. While the physical sales were dark in March and April, ServNet auction owners worked quickly behind the scenes to prepare for the day when live sales would be permitted. With auction ownership on-site and prepared to make changes quickly, ServNet auctions adjusted to changing conditions and new protocols, focused on adjustments to keep their customers and employees safe, and prepared for a “new normal” way of doing business.

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Last modified on Tuesday, 27 April 2021 12:44