The US Vehicle Auction Market: Analysis By Volume, By Type (Whole Car and Salvage Vehicle), By Distribution Channel (Online and Physical) Size and Trends with Impact of COVID-19 and Forecast up to 2028

Publisher Name :
Date: 13-Jan-2023
No. of pages: 90

The US vehicle auction market in 2022 was valued at US$3.21 billion. The value of the market is expected to reach US$3.82 billion by 2028. Vehicle or auto auctions are a way of selling vehicles through an auction system. These auctions facilitate buyers to make purchases of used and salvage cars via a bidding process. The US vehicle auction market by value has been increasing in the past few years owing to various reasons like the rise in car crashes, increasing average age of cars, etc. Moreover, with stagnant wages and rising living costs, the market for used cars is expected to flourish in the coming years. Both dealerships and individual buyers across the states are increasingly becoming attracted to car auctions as a means to acquire a vehicle for cheap. The market is anticipated to grow at a CAGR of approx. CAGR of 3.4% over the projected period of 2023-2028.

Market Segmentation Analysis:

By Type: The report provides the bifurcation of the market into two segments based on the type: Whole Car and Salvage Vehicle. In 2022, 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 whole car auction market volume has been further analyzed based on the distribution channel: Online and Physical. In 2022, the online whole car auction market held the highest share of the market because of the benefits the online channel has offered to both the buyers and the sellers. Market Dynamics:

Growth Drivers: The US vehicle auction market growth is predicted to be supported by numerous growth drivers such as increasing vehicle's average life, growing internet users, rise in vehicle crashes, hike in revenue per car auctioned pricing, strong international demand, and many other factors. The increased age of vehicles implies a higher probability of them being considered totaled cars by insurance companies. These aged vehicles are among the first choices for purchase by insurers who then sell to dismantlers, rebuilders, and recyclers through auctions provided by vehicle auction service providers. This helps vehicle auction providers to generate higher revenues besides acting as a tailwind to the overall market growth.

Challenges: However, the market has been confronted with some challenges specifically, fluctuations in the supply of used vehicles, vulnerability to economic conditions, fraudulent activities in online auctions, etc.

Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as integration of online auction and artificial intelligence (AI), acquisitions, extensive use of data and analytic capabilities to streamline operation, etc. AI platforms use machine learning and algorithms to deliver clear, easy, and actionable intelligence to bidders. The incorporation of AI in online auctions also enables a more efficient way to manage the bidding process. Thus, integrations of online auctions with AI are predicted to contribute to higher participation of dealers in vehicle auctions arranged by vehicle auction service providers backed by a smooth auction experience. This in turn would generate an opportunity for these providers to amplify their profitability.

Impact Analysis of COVID-19 and Way Forward:

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.

Competitive Landscape:

The US vehicle auction market is highly consolidated. The key players in the US vehicle auction market are:

KAR Auction Services, Inc.

Copart Inc.

ACV Auctions Inc.

Insurance Auto Auctions Inc.

Shift Technologies, Inc.

eBay, Inc. (eBay Motors)

E Automotive Inc. (EBlock)

COX Enterprises, Inc. (Manheim, Inc.)

Auto Auction Mall

Barrett-Jackson Collector Car Auction

A Better Bid Car Auctions

AutoBidMaster

The continuously elevating popularity of online auctions is converting into more competition. Multiple VC-backed startups have emerged in recent years providing dealers app-based auction platforms with much lower fees than their physical counterparts. These companies have also lowered the barrier to entry given an asset-light balance sheet (cars could be sold off a dealer's lot), use of "gig workers" for inspection and ship vehicles, and even shared logistics platforms. Some of the strategies among key players in the market for vehicle auction are mergers, acquisitions, collaborations, launching online websites. For instance, in 2022, KAR Auction Services, Inc. debuted a simplified and user-friendly website experience for the company's ADESA Canada marketplace. On the other hand, ACV announced the launch of ACV's Smart Acquisition Manager (S.A.M.), which delivers two new innovative ways to engage with ACV's Marketplace.

The US Vehicle Auction Market: Analysis By Volume, By Type (Whole Car and Salvage Vehicle), By Distribution Channel (Online and Physical) Size and Trends with Impact of COVID-19 and Forecast up to 2028

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 Segmentation: An Overview
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
3.1.3 The US Vehicle Auction Market by Type (Whole Car and Salvage Vehicle)
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
3.2.3 The US Vehicle Auction Market Volume by Type (Whole Car and Salvage Vehicle)
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
3.3.3 The US Whole Car Auction Market by Volume
3.3.4 The US Whole Car Auction Market Volume by Distribution Channel (Online and Physical)
3.3.5 The US Salvage Vehicle Auction Market by Value
3.3.6 The US Salvage Vehicle Auction Market by Volume
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
3.4.3 The US Physical Whole Car Auction Market by Volume
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
5.1.2 Growing Internet Users
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)
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
6.2 The US Online Vehicle Auction Market: Players Analysis
7. Company Profiles
7.1 KAR Auction Services, Inc.
7.1.1 Business Overview
7.1.2 Operating Segments
7.1.3 Business Strategies
7.2 Copart Inc.
7.2.1 Business Overview
7.2.2 Operating Segments
7.2.3 Business Strategies
7.3 ACV Auctions Inc.
7.3.1 Business Overview
7.3.2 Operating Segments
7.3.3 Business Strategies
7.4 Insurance Auto Auctions Inc.
7.4.1 Business Overview
7.4.2 Operating Segments
7.4.3 Business Strategies
7.5 Shift Technologies, Inc.
7.5.1 Business Overview
7.5.2 Operating Segments
7.5.3 Business Strategies
7.6 eBay, Inc. (eBay Motors)
7.6.1 Business Overview
7.6.2 Net Revenues by Type
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

List of Figures
Figure 1: General Process of Vehicle Auction
Figure 2: Advantages and Disadvantages of Vehicle Auction
Figure 3: Vehicle Auction Segmentation
Figure 4: The US Vehicle Auction Market by Value; 2018-2022 (US$ Billion)
Figure 5: The US Vehicle Auction Market by Value; 2023-2028 (US$ Billion)
Figure 6: The US Vehicle Auction Market by Type; 2022 (Percentage, %)
Figure 7: The US Vehicle Auction Market by Volume; 2018-2022 (Million Units)
Figure 8: The US Vehicle Auction Market by Volume; 2023-2028 (Million Units)
Figure 9: The US Vehicle Auction Market Volume by Type; 2022 (Percentage, %)
Figure 10: The US Whole Car Auction Market by Value; 2018-2022 (US$ Billion)
Figure 11: The US Whole Car Auction Market by Value; 2023-2028 (US$ Billion)
Figure 12: The US Whole Car Auction Market by Volume; 2018-2022 (Million Units)
Figure 13: The US Whole Car Auction Market by Volume; 2023-2028 (Million Units)
Figure 14: The US Whole Car Auction Market Volume by Distribution Channel; 2022 (Percentage, %)
Figure 15: The US Salvage Vehicle Auction Market by Value; 2018-2022 (US$ Billion)
Figure 16: The US Salvage Vehicle Auction Market by Value; 2023-2028 (US$ Billion)
Figure 17: The US Salvage Vehicle Auction Market by Volume; 2018-2022 (Million Units)
Figure 18: The US Salvage Vehicle Auction Market by Volume; 2023-2028 (Million Units)
Figure 19: The US Online Whole Car Auction Market by Volume; 2018-2022 (Million Units)
Figure 20: The US Online Whole Car Auction Market by Volume; 2023-2028 (Million Units)
Figure 21: The US Physical Whole Car Auction Market by Volume; 2018-2022 (Million Units)
Figure 22: The US Physical Whole Car Auction Market by Volume; 2023-2028 (Million Units)
Figure 23: The US Vehicle's Average Age; 2017-2021 (Years)
Figure 24: The US Number of Internet Users; 2017-2022 (Million)
Figure 25: North America AI Market Revenue; 2017-2028 (Billion)
Figure 26: The US Used Vehicle Auction Players by Market Share; 2022 (Percentage,%)
Figure 27: KAR Auction Services, Inc. Revenue by Segment; 2021 (Percentage, %)
Figure 28: Copart Inc. Revenue by Segment; 2022 (Percentage, %)
Figure 29: ACV Auctions Inc. Revenue by Segment; 2021 (Percentage, %)
Figure 30: Insurance Auto Auctions Inc. Revenues by Segment; 2021 (Percentage, %)
Figure 31: Shift Technologies, Inc. Revenue by Segment; 2021 (Percentage, %)
Figure 32: eBay, Inc. Net Revenues by Type; 2021 (Percentage, %)
Table 1: Types of Vehicle Auctions
Table 2: Summary of Online Dealer Competition
  • Global Off Highway Vehicle Engines Market Research Report 2024
    Published: 10-Jan-2024        Price: US 2900 Onwards        Pages: 104
    The Off-road Engines category consists of compression-ignition engines (i.e. diesel engines) that are found in a wide variety of off-road applications such as agricultural, construction, and industrial, etc. The global Off Highway Vehicle Engines market was valued at US$ 26400 million in 2023 and is anticipated to reach US$ 32570 million by 2030, witnessing a CAGR of 3.0% during The forecast period 2024-2030. North American market for Off Highway Vehicle Engines is esti......
  • Global Automotive Piston Systems Market Research Report 2024
    Published: 10-Jan-2024        Price: US 2900 Onwards        Pages: 121
    Automotive Piston is a tubular piece of metal that moves up and down inside The cylinder of an engine). The piston generates mechanical energy that provides The necessary power to drive The shaft and consequently The wheels of an automobile. In an engine, The automotive piston primarily functions by transferring force from expanding gas in The cylinder to The crankshaft via piston rod or with The help of a connecting rod. The global Automotive Piston Systems market was valued at US$......
  • Global Two-Wheeler Electric Fuel Injector Systems Market Research Report 2024
    Published: 10-Jan-2024        Price: US 2900 Onwards        Pages: 85
    A fuel injection system injects fuel into The combustion zone of an engine using fuel injectors. The process is controlled by The ECU (Engine Control Unit) aboard The bike or car. The introduction of fuel injection technology made carburetors and carburetted engines obsolete. The global Two-Wheeler Electric Fuel Injector Systems market was valued at US$ 9300 million in 2023 and is anticipated to reach US$ 12960 million by 2030, witnessing a CAGR of 4.8% during The forecast period 20......
  • Global Automotive High Speed Tool Steel Market Research Report 2024
    Published: 10-Jan-2024        Price: US 2900 Onwards        Pages: 115
    Tool steels consisting of a combination of more than 7% molybdenum, tungsten and vanadium, and more than 0.60% carbon, are termed high-speed tool steels. High-speed tool steels can be used to cut metals at high speeds and remove large amounys of material in short time frames. The global Automotive High Speed Tool Steel market was valued at US$ 3527.1 million in 2023 and is anticipated to reach US$ 4354.3 million by 2030, witnessing a CAGR of 3.1% during The forecast period 2024-2030......
  • Global Automotive Propeller Shaft Market Research Report 2024
    Published: 10-Jan-2024        Price: US 2900 Onwards        Pages: 104
    The global Automotive Propeller Shaft market was valued at US$ 24410 million in 2023 and is anticipated to reach US$ 28420 million by 2030, witnessing a CAGR of 2.4% during The forecast period 2024-2030. Automotive is a key driver of this industry. According to data from The World Automobile Organization (OICA), global automobile production and sales in 2017 reached their peak in The past 10 years, at 97.3 million and 95.89 million respectively. In 2018, The global economic expansio......
  • Global Automotive Power Seat Market Research Report 2024
    Published: 10-Jan-2024        Price: US 2900 Onwards        Pages: 88
    The global Automotive Power Seat market was valued at US$ million in 2023 and is anticipated to reach US$ million by 2030, witnessing a CAGR of % during The forecast period 2024-2030. Automotive is a key driver of this industry. According to data from The World Automobile Organization (OICA), global automobile production and sales in 2017 reached their peak in The past 10 years, at 97.3 million and 95.89 million respectively. In 2018, The global economic expansion ended, and The glo......
  • Global Automotive Grommet Component Market Research Report 2024
    Published: 10-Jan-2024        Price: US 2900 Onwards        Pages: 87
    The global Automotive Grommet Component market was valued at US$ million in 2023 and is anticipated to reach US$ million by 2030, witnessing a CAGR of % during The forecast period 2024-2030. Automotive is a key driver of this industry. According to data from The World Automobile Organization (OICA), global automobile production and sales in 2017 reached their peak in The past 10 years, at 97.3 million and 95.89 million respectively. In 2018, The global economic expansion ended, and ......
  • Global Automotive Seal Component Market Research Report 2024
    Published: 10-Jan-2024        Price: US 2900 Onwards        Pages: 85
    The global Automotive Seal Component market was valued at US$ 19190 million in 2023 and is anticipated to reach US$ 21960 million by 2030, witnessing a CAGR of 1.7% during The forecast period 2024-2030. Automotive is a key driver of this industry. According to data from The World Automobile Organization (OICA), global automobile production and sales in 2017 reached their peak in The past 10 years, at 97.3 million and 95.89 million respectively. In 2018, The global economic expansion......
  • Global Automotive Injector Nozzle Market Research Report 2024
    Published: 08-Jan-2024        Price: US 2900 Onwards        Pages: 94
    Automotive Injector Nozzle is The introduction of fuel in an automotive engine by The means of an injector. All diesel engines use fuel injection by design. Petrol engines can use gasoline direct injection, where The fuel is directly delivered into The combustion chamber, or indirect injection where The fuel is mixed with air before The intake stroke. The global Automotive Injector Nozzle market was valued at US$ 4106 million in 2023 and is anticipated to reach US$ 4531 millio......
  • SERVICES
    Value for Money
    We believe in "optimum utilization of available budget and resources". While servicing our clients' (your) market research requirements, we keep the same approach in focus to help you get the best value for your $$s.
    Ever Growing Inventory
    Ranging from the smallest feasible / required data (datasheets, data facts, SWOT analysis, company profiles, etc) to full research reports that help you make decisions, our inventory is updated almost on a daily basis with the latest industry reports from domain experts that track more than 5000 niche sectors.
    One Stop Solution
    Need a custom research report on medical devices market? Require all available business intelligence on 3D printing industry? Exploring F&B sector of a particular country/region? RnRMarketResearch.com is your one-stop-solution to all market intelligence needs. We not only offer custom research and consulting services, we also "bundle" reports to meet your needs and help you fetch the data analysis you require for your business.
    Dedicated Client Engagement
    Not limited to only "finding" relevant reports for you, our client engagement team dedicates its efforts to understand your "business need" and accordingly maps available research data to help you move forward. Call "your" client engagement executive any time of your day and get your questions answered in order to make the correct business decision.
    Saving Time and Efforts
    Simply share your research requirement details with us and let us do all the hard work to find required intelligence for you. When you add up our "one stop solution" and "dedicated client engagement" services mentioned above, you obviously know the time and effort saving you do by working with us.
    Payment Flexibility
    Working with Fortune 500 organizations, we understand the importance of being flexible for payments. Share your payment terms with us and we will surely match up to them to ensure you get access to required business intelligence data without having to wait for the payment to be done.
    Post-Purchase Research Support
    Have questions after reading a report / datasheet bought through us? Not sure about the methodology used for data available in the research? Talk to us / Share your questions with us and if required, we will connect you with the analyst(s)/author(s) of the report(s) and ensure you get satisfactory answers for the same. Need more data / analysis / report(s) on the topic of your research/project? The RnRMarketResearch.com team is here for you 24X7 to support you with your post-purchase requirements. Subscription Offers & Packages (Get in touch with us for more details - [email protected] / +1 888 391 5441 )
    • Ad Hoc
    • Pay - as - you - go / Bucket Subscriptions
    • Fixed Cost for #of reports
    • Customize / Personalize as per your needs