Auction Industry Report Projects Continued Positive Growth.OVERLAND PARK Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , Kan. -- During the "State of the Industry" forum at the 58th International Auctioneers Association Conference and Show in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , the National Auctioneers Association The National Auctioneers Association (NAA) is a group of auctioneers, auction businesses and related companies that seeks to promote the auction method of marketing and the practice of auctioneering in the United States The NAA is an interest group.. (NAA NAA Nomina Anatomica Avium. ) unveiled industry projections for 2007. The industry survey was conducted by MORPACE International and projected the industry to grow $7.6 billion in 2007. If the current trend continues, analysts project industry revenues to reach $264.8 billion by the end of the year. This is the fourth consecutive year that the live auction industry has witnessed growth. In 2006, the total value of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. sold at auction totaled $257.2 billion, an increase of 7.1% from 2005. The MORPACE survey tracked growth within individual auction specialty areas. The largest auction specialty segment with estimated gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. of $87.3 billion in 2006 was automobile auctions. The fastest growing auction specialty is real estate. Residential real estate auctions grew 39% between 2003 and 2006. During this same time period, land and agricultural real estate grew 33% and commercial and industrial real estate grew 27%. The MORPACE quarterly survey compiles data from NAA members and non-NAA members. Forty-one percent of respondents reported an increase in gross sales receipts through the first half of 2007, with twenty-nine percent reporting "no change", and thirty percent reporting a decline. Thirty-four percent of NAA members say they have conducted more auctions in the first half of this year compared to last year with forty-two percent reporting "no change" and twenty-four percent reporting decreases. The survey also highlighted growth in the real estate sector with thirty-six percent of respondents reporting increases in residential real estate sale receipts and a twenty-three percent increase in commercial real estate. Charity auctions were also reported on the rise. Since 2003, total growth of this auction segment has increased 16.3%. About the NAA Headquartered in Overland Park, Kansas Overland Park is the second most populous city in the U.S. state of Kansas. It is located in Johnson County, a satellite city of Kansas City, and is near Olathe, Lenexa, Prairie Village and Leawood. In 2006, the estimated population is 167,500. , the National Auctioneers Association (NAA) represents the interests of almost 6,000 auctioneers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and across the world. Founded in 1949, the mission of the NAA is to promote the auction method of marketing and enhancing the professionalism of its members through education and technology. In 2006, the auction industry grew by 7.1% with over $257 billion in goods and services sold. To learn more about Auctioneers, auctions and the NAA visit: www.auctioneers.org. |
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