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NPA Pre-Owned Market Update: February 2024

Average wholesale prices continue to improve, reflecting dealer sentiment and demand for pre-owned.

Pre-Spring Fever

Spring is right around the corner, and much like January, February has continued to produce strengthening price metrics. While we’ve been very transparent about concerns over elevated levels of new and non-current inventory, average wholesale prices (AWP) through the lanes continue to improve, reflecting dealer sentiment and demand for pre-owned. With trades and street purchases becoming more difficult to source, the auction remains the dealers’ No. 1 source for used products.

Heavyweight Gains

On-highway vehicles in February exhibited solid performance with three of the four categories outperforming the prior 90 days. Undoubtedly the biggest story in AWPs was the largest volume segment, Domestic Cruisers, jumping nearly 10% in February. Generally speaking, new inventory is plentiful, but many dealers still expressed concerns over the lack of quality used road bikes in their stores. This dynamic continues to push buyers into the lanes to fill their showrooms with the used inventory they still need.

Core off-highway vehicles — motocross (MX), ATV and side-by-side (SxS) — saw sizable dips in AWP performance last month. Notably, while spring is most definitely a high-selling season, many of these segments see more muted “bumps” in spring because of more diverse and varied use cases (e.g., hunting, farming, snow/desert riding). While we anticipate prices will rise in March and April, some off-highway categories may see less of a boost in the coming months.

Spring Is Here: Are You Ready?

With spring beating down our doors, the mood in the lanes and dealer networks has shifted from uncertainty to optimism. Many regions of the country report unseasonably good weather, which is a welcome surprise to riders and dealers. While many concerns remain, the longer days, better weather and injection of tax refunds are a tried-and-true recipe for spring sales success. Our advice to dealers is to stay on the throttle! Use the current momentum in the lanes and on the streets to increase inventory turn times and move product. The next 60 to 90 days may make or break for many stores. Take advantage of the season, don’t sit on aged units, and have a plan for every trade that comes through your doors. Use the auction to fill holes, keep inventory fresh and maximize margin opportunities this spring.

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