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Greg's Auction Update
Someone once told me “no one rings a bell at the top of the market”. If someone had, that bell would have rung some time ago. The market has been more selective over that last few weeks and it seems that this week marked a genuine market correction. It all makes sense and really isn’t unusual at all – it’s just been a long time coming!
Having said all that, we had a great week here at DAA Northwest. The Collector Car Auction is a perennial favorite in our promotional calendar. We all love the combination of vintage product and well-paced selling – packed into the middle of a good party! We sold 65% of the collector consignment and right at 50% of everything else this week.
We are bullish on the used car market. The average vehicle on the street is still older than ever before and there is not a segment of the market that is oversupplied. The scarcity of clean, low mileage used product and climbing fuel prices are driving new car sales. The market is healthy and a correction is just part of the process, remember that automobiles are a depreciating commodity (the exception would be collectible vehicles – if you can spot the trend that hasn’t happened yet)!
With our promo season in full swing we are looking forward to the Salmon Sale, Golf Tournament and Rock & Roll over the next two months. You can always log in to daanw.com to participate in the sale but you’ll have to show up in the lanes to get the most out of these great events!
Greg Mahugh
VP, General Manager
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