NAICS Code 423110-04 - Automobile Auctions (Wholesale)

Marketing Level - NAICS 8-Digit

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NAICS Code 423110-04 Description (8-Digit)

Automobile Auctions (Wholesale) is a subdivision of the NAICS Code 423110 that involves the wholesale distribution of automobiles and other motor vehicles through auctions. This industry is responsible for facilitating the sale of used and new vehicles to dealerships, rental car companies, and other businesses that require a fleet of vehicles. Automobile auctions are typically held on a regular basis and are open to licensed dealers and other qualified buyers. The process of automobile auctions involves the auctioneer presenting the vehicle to the bidders, who then place their bids until the highest bidder wins the auction. The vehicles sold at these auctions can range from cars, trucks, SUVs, and other types of motor vehicles. The condition of the vehicles can also vary, from new to used, and from damaged to undamaged. Automobile auctions are an important part of the automotive industry, as they provide a platform for dealerships and other businesses to acquire vehicles at a competitive price. This industry also helps to reduce the inventory of unsold vehicles, which can be costly for manufacturers and dealerships.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 423110 page

Tools

Tools commonly used in the Automobile Auctions (Wholesale) industry for day-to-day tasks and operations.

  • Auction management software
  • Vehicle inspection tools
  • Auction paddles
  • Bidder registration software
  • Auctioneer microphones
  • Vehicle transport equipment
  • Auction signage
  • Payment processing software
  • Auction catalog software
  • Vehicle history report software

Industry Examples of Automobile Auctions (Wholesale)

Common products and services typical of NAICS Code 423110-04, illustrating the main business activities and contributions to the market.

  • Used car dealerships
  • Rental car companies
  • Fleet management companies
  • Automotive wholesalers
  • Salvage yards
  • Auto repair shops
  • Government agencies
  • Financial institutions
  • Insurance companies
  • Car rental agencies

History

A concise historical narrative of NAICS Code 423110-04 covering global milestones and recent developments within the United States.

  • The history of the Automobile Auctions (Wholesale) industry dates back to the early 1900s when the first automobile auction was held in the United States. The industry gained momentum in the 1930s when the Great Depression forced many car dealerships to close, and auctions became a popular way to sell off inventory. In the 1960s, the industry saw a significant shift towards electronic auctions, which allowed buyers and sellers to participate remotely. In recent years, the industry has continued to evolve with the introduction of online auctions, which have become increasingly popular due to their convenience and accessibility. In the United States, the industry has seen steady growth over the past decade, with an increasing number of dealerships turning to auctions to sell their inventory. The rise of online auctions has also contributed to the industry's growth, as it has made it easier for buyers and sellers to connect. In 2019, the industry generated over $10 billion in revenue, and it is expected to continue to grow in the coming years.