Emphasis on Vehicle Type (Passenger Vehicle and Commercial Vehicle); Sale Channel (Offline and Online); and Region/Country
U.S vehicle auction Market is expected to grow at a significant rate of around 3% during the forecast period 2022-2028. A vehicle auction is a marketplace where the vehicles are sold to a high bid or at an average rate. The term “vehicle auction” refers to any individual selling motor vehicles or recreational vehicles to the highest bidder in an environment where the purchasers have authorized motor vehicle dealers. Moreover, the growing desire of enthusiast buyers to purchase cars at a lower price than those offered at traditional car dealerships has resulted in a dramatic increase in the demand for vehicle auctions in recent years. Distributors and the rising interest in classic cars are also contributing to the market’s expansion.
KAR Global, Cox Enterprises, ACV Auctions, BacklotCars, Carwave, Copart, Vroom Inc, Insurance Auto, Auctions Inc, Cars.com LLC, Shift Technologies are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst vehicle type, passenger vehicle category to witness robust CAGR during the forecast period”
Based on type, the market is segmented into passenger vehicle and commercial vehicle. The passenger vehicle category to witness higher CAGR during the forecast period owing to the growing demand for tourism, increasing disposable income, and the growing preference of the population to own a personal car. Moreover, the population is going to advance the standard of living which is the key factor driving the growth of the market.
“Amongst sales channel, the online to hold a significant share in the market in 2020”
Based on sales channel, the market is categorized into online and offline. Among these, the offline to hold a significant share in the market in 2020. In the offline auction, the buyer can see the vehicle on its own or can take a drive of the vehicle and get a realistic view of the vehicle. Offline auctions are more convenient, less stressful than online auctions, more buyers and all the paperwork is done on the spot.
“Florida to hold a significant share in the market”
In 2020, Florida held a significant share of the vehicle auction market. The market is expanding primarily because of rising consumer demand for vehicles, which is supported by rising disposable income and rising per capita spending in the region’s emerging nations. Additional growth factors for the market include an increase in the average age of light cars, an increase in vehicle collisions, rising revenue per car auctioned pricing, and a significant increase in the demand for salvage auction automobiles in the US from foreign buyers. Moreover, the government is also organizing auctions to sell their used cars. For instance, The Grand Mesa, Uncompahgre, and Gunnison (GMUG) National Forests is offering the public an opportunity to purchase used government vehicles from an online used vehicle and equipment auction scheduled for Feb. 25 through March 4, 2022.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The U.s Vehicle Auction Market
6. U.s Vehicle Auction Market Revenue, 2020-2028f
7. Market Insights By Vehicle Type
8. Market Insights By Sales Channel
9. Market Insights By States
10. U.s Vehicle Auction Market Dynamics
11. U.s Vehicle Auction Market Opportunities
12. U.s Vehicle Auction Market Trends
13. Demand And Supply-side Analysis
14. Value Chain Analysis
15. Competitive Scenario
16. Company Profiled
17. Disclaimer
Research Methodology for the U.S Vehicle Auction Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the U.S vehicle auction market were the three major steps undertaken to create and analyze the adoption of U.S vehicle auctions in major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the U.S vehicle auction market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the U.S vehicle auction market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the U.S vehicle auction market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the U.S vehicle auction market. Further, we conducted factor analysis using dependent and independent variables such as type and sales channel of U.S vehicle auctions. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the U.S vehicle auction market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the U.S vehicle auction market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the U.S vehicle auction market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and sales channel in the U.S vehicle auction market.
The main objective of the U.S Vehicle Auction Market Study
The current & future market trends of the U.S vehicle auction market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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