Wholesale days supply is running 26 to 28 days, with sales conversion at 54 to 60%.
The conversion number is the interesting one
Conversion in the mid-to-high fifties means roughly four in ten cars that run do not sell that day. They come back, they run again, and the ones that keep coming back are not the ones anybody is fighting over.
A dealer at the sale is choosing from two pools without much visibility into which is which. The cars that will clear at a strong number, and the cars that are on their third trip through because everybody who has looked at them has passed.
Four in ten do not sell the day they run. Those are still in the pool when you bid.
What it costs to sort that out
The way you tell them apart is by being there in person, which is why every experienced buyer says the same thing: if you do not go, you pay for it when the car shows up. That is a real constraint on how many sales one store can meaningfully work in a week.
Twenty-six to twenty-eight days of supply is a healthy, liquid market. It is not a distressed one. But liquid does not mean cheap, and a functioning auction is still a venue where you are bidding against every store in the region for the same short run.