NAMA Report February 2013

Published 19/03/2013 00:00:00 in Press Releases

The National Association of Motor Auctions (NAMA) published its monthly market report today for February.

The report shows that during February the average values of used cars sold at auction across the board increased from £4,856 to £5,359, equivalent to a 10% increase between January and February.

The increase in average values can, in part, be attributed to the change in mix of vehicles sold with a higher volume of younger cars sold at auction during February having a positive impact on the average price.

However on a like for like market sector basis, values were also up. This can be credited to a shortage in supply along with evidence of increased confidence amongst buyers.



The price difference between first time entries compared to subsequent sales has been closing in recent months. Whilst the gap widened from £100 to £375 this month the proportion of younger cars, where the price difference is likely to be higher, increased. This price difference remains far below the 2012 average of £550. It is likely that this is due to vehicles being more appropriately priced in the first instance as vendors are pleasantly surprised by the strength of prices, allowing sales to be concluded more readily.


Tony Gannon, NAMA Executive Committee Member said "During the first two weeks of March it has been evident that competition amongst buyers remained fierce for the most desirable cars.


“However NAMA members are now reporting a downturn in auction activity as the increase in supply caused by the new March plate meets the normal seasonal decline in retail activity.”


ENDS


Notes for editors: NAMA is the auction division of the RMI.  NAMA market information is based on data supplied by its National members operating in the remarketing sector. The monthly sample size is up to 90,000 vehicles. The full report is available on request.


Keely Scanlan, Press Officer

Tel: 020 7307 3410

Mob: 07825097697

Press Office direct line: 020 7307 3422

Press Office fax: 020 7307 3406


Web: www.rmif.co.uk Email: keely.scanlan@rmif.co.uk

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.

motor industry in Scotland.

  

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