December 30, 2019
2019 is in the history books.
As much as technology continues to dominate our lives, 2019 was a bit of a reality check in the car business. Predictions of the autonomous vehicle’s imminent takeover have become complex and less realistic as a mass-market gamechanger in the foreseeable future. Vehicle subscriptions thought to radically change car ownership have proven not to be the choice for most. Electric Vehicles, even with all the investment, are still not a preference in the showroom. Ridesharing, while taking its toll on the taxi business has not affected car ownership.
As we look at the used car wholesale industry, we see the auction business rapidly evolving. Digital auction sales are rising but still do not represent most transactions. The auction business is changing. The Big Two are pushing digital auction sales as a cost-saving strategy while minimizing the overall quality of the experience at the physical auction. I believe their strategy is “please don’t come to the sale.”
For us, the lanes are the meat of our business. Hotel rooms, free coffee, clean restrooms, food, concerts…with us, they’re all a part of doing business at the auction.
Having said that, we are committed to the evolution of our services to meet the diverse needs of our 21st-century auction customer. This week the McConkey Auction Group (MAG) will announce the rollout of a new, very powerful tool coming in the first quarter.
Stayed tuned: this is a big one.
We look forward to serving all of you for many years to come as we evolve together.