Used-car market goes ‘bananas’ as prices soar

LAWRENCEVILLE, N.J. — The 2019 Honda Civic that kicked off a used-car auction earlier this month would have been nothing special before the pandemic. But as automotive dealer Brad Wimmer watched, the online bidding quickly became, to quote him, “bananas.”

As a new car, the Civic would have had a sticker price of about $21,000. But within seconds at the wholesale auction, the 2-year-old model, with 4,000 miles, sold for $27,200.

Soon after, a Nissan Rogue fetched what it would have cost new in 2018. A 3-year old Toyota Camry with dents and scratches sold for $14,200, nearly twice what it would have brought a few years ago. And a 2015 Kia Sorento sold for $12,600, a staggering amount for a 6-year-old car with 83,000 miles.

For Wimmer, owner of AutoLenders, such sky-high prices have become the norm at the auction, where dealerships nationwide buy and sell used cars…. Read Full Article | https://www.thegazette.com/business/used-car-market-goes-bananas-as-prices-soar/

Other Articles You May Be Interested In

Going once … going twice … sold! With a little TLC, an old Par Aide ball washer sold at South Hills CC auction makes for a unique gift

Going once … going twice … sold! With a little TLC, an old Par Aide ball washer sold at South Hills CC auction makes for a unique gift

SUPERMARKET AUCTIONS: A REVIEW OF LAST YEAR’S TRENDS

SUPERMARKET AUCTIONS: A REVIEW OF LAST YEAR’S TRENDS

Two US Auction Houses to Merge, Forming a Major Player in the Market for American Art

Two US Auction Houses to Merge, Forming a Major Player in the Market for American Art

Larry Harb

Larry Harb

The Wisconsin Auctioneers Association actively advocates for the auction industry through grassroots lobbying and a WAA legislative fund. Member engagement and donations are key to the success of WAA advocacy efforts.

WAA President

Riley Kahl

Our Mission is to educate, promote and protect the auction industry of Wisconsin:

to encourage Auctioneers; to enhance skills, knowledge and professionalism;

to promote the auction method of marketing for sale of real and personal properties.

The Lodge at Mauston

Online booking code is: WAA2024
Guests can book by going online to: www.thelodgeatmauston.com
Or calling (608) 747-2200

Learning the Art of Auctioneering

Auctioneer Schools
State Exam
Regulations

Sales & Use Tax

Auctioneers

It is the duty of every member to protect the public against fraud, misrepresentation or unethical practices in connection with the sale, disposition or liquidation of any real or personal property the auctioneer is called upon to dispose of at public auction.

Auctions

No items found

Industry News

Member News

Larry Harb

Mr. Harb aka… the Auctioneer Insurance Guy, is the founder and CEO of AuctioneerInsurance.com,...

Industry Events

8 + 4 =

Contact Us

2080 W 9th Avenue, #310
Oshkosh, WI 54904
(608) 228-4880