Dublin, Nov. 04, 2021 (GLOBE NEWSWIRE) -- The "The US Vehicle Auction Market: Size and Forecasts with Impact Analysis of COVID-19 (2021-2025 Edition)" report has been added to ResearchAndMarkets.com's offering.
The report includes the analysis of the vehicle auction market in the US in terms of value, volume and type.
Under the competitive landscape, players within the North American vehicle auction market have been compared on the basis of share followed by qualitative analysis of the players specifically within the online auction space.
Moreover, the report assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall vehicle auction market has also been forecasted for the years 2021-2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
KAR Auction Services Inc., Copart Inc. and COX Enterprises (Manheim) are some of the major players operating in the market whose company profiling has been done in the report. In this section of the report, business overview, financial overview and the business strategies of the companies are provided.
The vehicle auction market can be split into two segments which are whole/ used cars auctions and salvage auctions. Whole car auction vehicles include vehicles sold by vehicle manufacturers, used car dealers and their captive finance companies, commercial fleet operators, rental car companies and financial institutions to franchised and independent used vehicle dealers. On the other hand, salvage vehicle auction industry offers a venue for sellers, mainly automobile insurance companies, to dispose total loss, damaged or low value vehicles to dismantlers, scrap dealers, rebuilders or qualified public buyers.
The US vehicle auction market is forecasted to grow at a healthy rate during the forecast period (2021-2025). The market is supported by various growth drivers such as rise in average age of light vehicles in the country, hike in vehicle crashes, surging revenue per car auctioned pricing and strong demand for salvage auction vehicles of US from international buyers. Fluctuations in supply of used vehicles and the possibilities of the business of vehicle auction service providers getting negatively impacted in the case of unfavorable economic conditions are some of the challenges confronted by the market.
Acquisitions, integration of online auctions with technologies such as Artificial Intelligence (AI) and extensive use of data and analytic capabilities to streamline auction processes are some of the trends in the market that have been captured in this report.
The COVID-19 pandemic has decreased discretionary spending significantly and as such the demand for used vehicles in the US from platforms such as auctions has also suffered. On the other hand, due to stay at home orders, traffic congestions on roads is low lending to lesser collisions which in turn is affecting salvage auction volumes.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. The US Market Analysis
3.1 The US Vehicle Auction Market: Value Analysis
3.2 The US Vehicle Auction Market: Volume Analysis
4. Impact of Covid-19
4.1 Impact on Used 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 Upsurge in Average Age of Light Vehicles
5.1.2 Rise in Vehicle Crashes
5.1.3 Hike in Revenue Per Car Auctioned Pricing
5.1.4 Strong International Demand
5.2 Challenges
5.2.1 Fluctuations in the Supply of Used Vehicles
5.2.2 Vulnerability to Economic Conditions
5.3 Market Trends
5.3.1 Acquisitions
5.3.2 Integration of Online Auction and Artificial Intelligence (AI)
5.3.3 Extensive Use of Data and Analytic Capabilities to Streamline Operations
6. Competitive Landscape
6.1 North America Vehicle Auction Market: Players Analysis
6.1.1 North America Vehicle Auction Market Players by Share
6.1.2 The US Online Vehicle Auction Players Analysis
7. Company Profiles
- KAR Auction Services Inc.
- Copart Inc.
- COX Enterprises (Manheim)
For more information about this report visit https://www.researchandmarkets.com/r/oeu937
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
