THE SHOP

August '20

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38 THE SHOP AUGUST 2020 SPECIAL REPORT: AUCTIONS AUCTIONS SPECIAL REPORT: EDITOR'S NOTE: This is the first in a two- part series examining car auctions and their connection to the specialty automotive after- market. A t 14.7%, U.S. unemployment rates at the end of May were the highest since the Great Depression—causing a ripple effect of dramatic declines in con- sumer confidence and spending. Like many others, the automotive industry was hard hit, with the last two weeks of March posting the two largest declines ever of average used-car transaction prices. One way to monitor the used car market is to look at auctions. "Vehicles at auction move around in a fairly small range on average. But now, in two weeks we saw it decline 10 percentage points, which is just phenomenal," said Tyson Jominy, vice president of J.D. Power PIN Consulting, earlier this spring during an interview with Mack Hogan of Road & Track. Specialty shops can turn to auc- tion events as a way to locate cars, customers and new trends. (Photo courtesy Carlisle Events) A return to the bustling excitement of car auctions is something to look forward to once the nation gets back to its evolving new normal. (Photo courtesy Carlisle Events) Used-vehicle auctions are mapping out their new normal. By Stefanie Galeano-Zalutko Under the Hammer

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