The 2024 Q3 AutoIMS Industry View shows market dynamics continue to change going into fall, affecting everything from auction prices to conversion rates this year. The report showed Q3 2024 auction conversion rates rose to 66.5% compared to 2023 rates were just under 62%. The report shows vehicle sales volume has improved slightly though volumes over the past year remain inconsistent.
The AutoIMS 2024 Q3 Industry View shows the average vehicle sales price at auction has fallen to $13.709.18 from $14,269.46 in Q3 2024. Gross sales as a percentage of floor price climbed to 98.8% in Q3, compared to 97.8% a year ago. The average vehicle grade of vehicles sold at auction (using the final condition report grade at the time of sale) was nearly unchanged at 2.86, compared to 2.87 one year ago. The average model year at auction was 2017 in Q3, rising from 2016 in Q# 2023. Average mileage of vehicles sold at auction rose slightly to 91,752 this year, compared to 91,120 miles last year during Q3.
Damage estimates for vehicles sold at action in Q3 this year topped $3,000 ($3,006.43), nearly $200 higher than the same period last year ($2,830.35). The AutoIMS report also showed an increase in total auction fees (fees typically deducted from proceeds at sale settlement). The average charges hit $430.39 from $416.32 during Q3 last year. The AutoIMS report showed the average days from a vehicle arriving at auction to sale increased to 29.3 days in Q3 from 27.6 days this same time last year.
According to AutoIMS’s evaluation of the Q3 Industry View, “The stats for Q3 of 2024 reveal a market that's continuing to adjust, with both familiar and evolving trends. Volumes remain strong, with a slight uptick in the conversion rate — a promising sign that efficiency in the marketplace may be improving. The volume of cars sold continues its upward trajectory while the average sale price remains lower than last year, aligning with previous quarters’ trends.
“We're seeing a slight increase in the average mileage of vehicles. This may be part of the reason that damage estimates have continued to rise, staying above 2023 levels. Auction fees are holding steady, with only a slight increase compared to last year, maintaining consistency for sellers. One notable trend is the extra time it’s taking for vehicles to sell after getting to auction, with a delay of a day or two compared to last year. This could correlate with both higher volumes and the need for more repairs due to increased damage estimates and mileage, which may extend preparation times before vehicles are ready for sale.