ServNet's 21 auction locations throughout the United States are celebrating Auto Auction Week, August 15 through August 19. Said Chris Angelicchio, ServNet's Executive Director: "The auto auction industry is a vital one, and ServNet auctions are mindful of the part they play in maintaining its health and vitality. We are grateful for our auction partners, and for the important work that the NAAA does to ensure the industry's ongoing strength and relevance."
The NAAA has designed the third week in August as a time to celebrate the wholesale auto auction industry. The week is an occasion to raise public awareness of the importance of the auction industry and to thank the hardworking team members and loyal customers who are vital to its success.
In 2021, NAAA member auctions reported more than $121 billion in sales and facilitated the sale of 7.5 million vehicles. As NAAA President Charles R. Nichols explains, the industry is a critical component of the automotive ecosystem and to the used vehicle supply chain. Auctions are key partners to manufacturers, captive finance companies, banks, lenders, rental, fleet, and lease management companies, and automobile dealers. They provide valuable services to used vehicle stakeholders, such as titling, inspections, mechanical, and reconditioning. Auctions are also excellent stewards of their communities and are generous with their charitable contributions and volunteer work throughout the entire year.
Taking all this into account, there is much to celebrate this year in the auto auction industry.
"NAAA is proud of the resilience and hard work of our members and customers that have kept the wholesale auto auction industry thriving," said Nichols. "We hope everyone has a great Auto Auction Week, and we thank everyone for their dedication and service to our industry."
"During our member auction visits throughout the year, I have seen firsthand from our members the energy, commitment, and willingness to adapt that have positioned the auction industry for sustained success well into the future," said NAAA CEO Tricia Heon. "We look forward to Auto Auction Week as a chance to spotlight the success of our members, customers, and industry partners."
Founded in 1948, just a decade after the first wholesale auto auction opened, the National Auto Auction Association today consists of more than 348 domestic and international auctions. In addition to auction sales, those member auctions offer reconditioning facilities, special dealer services, and title and office processing. New and used car dealers, manufacturers, fleet operators, companies and financial institutions all buy and sell at NAAA member auctions worldwide. The NAAA also has more than 142 associate members from a wide range of related fields, such as leasing companies, financial institutions, insurance agencies, accounting firms, trade publishers, product manufacturers, equipment suppliers and others.