Sight Three, March 2015 adds to the gloomy atmosphere and general somber feeling in the market. In a sight with an estimated volume of around $700 million, sources report that the refusals rates are over 30%, and some say that it will end even higher.
The polished market reports a slowdown in sales and the few transactions actually taking place are at lower prices than usual. Lack of cash flow in the market adds to the difficulty as sightholders are struggling to stay in the game. Brokers sarcastically joke that manufacturers are telling them to return only if they can offer 20-25% below asking price. In reality, they are sharing all of our misery and concern.
The attempts to sell parts of the boxes has also become common lately, since it’s difficult to sell the box as is. Keep in mind, however, that this is the culmination of data, interviews and sources at the time of publication. The sight is not over yet.
But before we subtotal the sight, let me tell you a story:
Jim Rohn, an American entrepreneur, author and motivational speaker told a story about the best definition he ever heard of the word resolve.
While teaching kids about how to become successful, he asked them, “Who knows the meaning of the word resolve?” Many standard, similar answers were given, but a little girl emphatically replied and astounded him, saying that resolve is a promise to yourself that you will never give up.
The accurate definition for the word resolve is determination, taking responsibility, paying the price and finding a solution. Because as Jim Rohn said… "Winners find a way. Whiners find an excuse."
At no time in recent memory have we arrived at the third day of a sight with so few sales taking place. Not even in 2008, which was, as we all recall, devastating. This is significant, and we are all hurting.
In this industry, however, we are winners. We didn’t choose this profession because it was easy. We chose it because it called us. It’s in our blood. We can work together to identify and put into practice creative solutions which will bring about positive change.
Disclaimer: The prices listed in N. Rothmann's Market Watch Reports are based on personal sales and information collected from sightholders, dealers and brokers cooperating for mutual benefit, with the ultimate goal of rough market transparency. There may be discrepancies between sale prices from the beginning of a sight to the end of the sight.