The "US Vehicle Auction Market: Size and Trends with Forecast up to 2030" report has been added to ResearchAndMarkets.com's offering.

The US vehicle auction market in 2024 was valued at US$3.47 billion. The value of the market is expected to reach US$4.48 billion by 2030. The market is anticipated to grow at a CAGR of approx. CAGR of 4% over the projected period of 2025-2030.

The US vehicle auction market's volume has reached 14.26 million units in 2024. 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.

Looking ahead, the market is expected to continue growing due to the ongoing digital transformation, which will further streamline auction processes and enhance customer experiences. Moreover, the steady influx of vehicles from rental car companies, fleet operators, and lease expirations will sustain high inventory levels. Economic factors, such as potential recessions and fluctuating consumer confidence, might also drive more buyers towards cost-effective used vehicles. As electric vehicles (EVs) become more prevalent, their eventual introduction into the secondary market will add a new dimension to vehicle auctions, attracting both traditional and new buyers.

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 March 2024, OPENLANE, Inc., entered an exclusive partnership with Stellantis to host weekly auctions of young, ex-rental vehicles (including EVs and PHEVs) exclusively on its platform, unlocking premium inventory for its 125,000 dealers across Europe and beyond. On the other hand, in October 2024, ACV Auctions Inc. introduced its analytics suite, ACV MAX and ClearCar, during the Digital Dealer Conference & Expo. These tools provide dealers with real-time insights into bidding patterns, inventory pricing, and buyer behavior, aiming to optimize vehicle sourcing decisions and improve dealership profit margins.

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 2024, 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.

Furthermore, off-lease vehicles and fleet cars entering the auction market have provided a steady supply of relatively new and well-maintained cars, attracting more buyers. Dealers also find whole car auctions advantageous for sourcing inventory at competitive prices, which they can then resell at a profit. Thus, this combination of increased demand, improved accessibility, and reliable supply has significantly boosted the market for whole cars in vehicle auctions.

By Distribution Channel: The whole car auction market volume has been further analyzed based on the distribution channels: Online and Physical.

In 2024, the online whole car auction market held the highest share of the market and is expected to be the fastest-growing segment in the forthcoming years. The shift towards digital platforms has made vehicle auctions more accessible and convenient for both buyers and sellers.

Online auctions eliminate geographical barriers, allowing participants from different locations to bid on vehicles without the need for travel. This wider reach significantly expands the potential buyer base. Technological advancements, such as high-quality images, detailed vehicle descriptions, and virtual inspections, have enhanced buyer confidence in making remote purchases.

Market Dynamics

Growth Drivers

• Increasing Vehicle's Average Life
• Growing Internet Users
• Rise in Vehicle Crashes
• Hike in Revenue Per Car Auctioned Pricing
• Strong International Demand

Challenges

• Fluctuations in the Supply of Used Vehicles
• Vulnerability to Economic Conditions
• Fraudulent Activities in Online Auctions

Market Trends

• Integration of Online Auction and Artificial Intelligence (AI)
• Increasing Growth of Electric Vehicles (EVs)
• Increasing Popularity of Subscription Services
• Environmental and Regulatory Considerations
• Extensive Use of Data and Analytic Capabilities to Streamline Operation
• Change in Consumer Behavior

Competitive Landscape: Business Overview, Operating Segments, Business Strategies

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

• Openlane, Inc. (ADESA)
• Copart Inc.
• ACV Auctions Inc.
• RB Global, Inc. (Insurance Auto Auctions Inc.)
• E Automotive Inc. (EBlock)
• eBay, Inc. (eBay Motors)
• COX Automotive, Inc. (Manheim, Inc.)
• Capital Auto Auction
• Cars & Bids
• General Auction Company
• A Better Bid Car Auctions
• AutoBidMaster
• Barrett-Jackson Auction Company, LLC

For more information about this report visit https://www.researchandmarkets.com/r/sk30t0

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