NAMA Report November 2014

Published 15/12/2014 00:00:00 in Press Releases

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

The report shows that during November the average month-on-month value of used cars sold at auction across the board increased 9% from £5,263 to £5,736. This is also 6% higher than November 2013, and could indicate that there is more demand for late plate cars in the market.

Sales volumes for November 2014 were down by a significant 14% in comparison to the previous month - although a more reasonable 7% against November 2013. This reflects a marked slowdown in the market perhaps more pronounced than many expected.

The number of cars sold first time during November 2014 has dropped to 76% from 80% in October which continues the downward trend of the past three months. At 76% this figure is 3% lower than the 79% recorded during November 2013.

The price premium for vehicles sold first time round continued to drop in November 2014 moving down a further £50 to £175 from the £250 achieved in October 2014 and represents a 3% premium. This is also £25 less than November 2013. The average days on site increased to 9.1 days.

Sales Volumes by profile in November 2014 compared to October 2014

 

Oct-14

Nov-14

Diff %

Late & Low

9,063

10,278

13.4%

Fleet

22,493

21,122

-6.1%

PX (Young)

13,360

11,199

-16.2%

PX (Old)

33,325

28,105

-20.4%

Budget

22,466

17,584

-21.7%

NOTES:    Late & Low are cars from: 0 - 2.5 Years

Fleet are cars from: 2.6 – 4.5 Years    PX (young) are cars from: 4.6 – 6.5 Years

PX (Old) are cars from: 6.6 – 10.5 Years     Budget: >10.5 Years

There was a significant drop in sold volumes - indicative of the market at this time of year. The Late and Low sector also raises questions of what is actually driving increased sales volumes in this sector, and the overall variance in sales volume from November 2013 to November 2014 was a downward move of 14%.

Paul Hill, NAMA Chairman Comments, “Appreciating that the new car market continues to perform well as a direct result of the succession of retail PCP deals and deep rooted business demand, the used car market merely stabilised during the final weeks of November at a level that could only be described as acceptable.

“This rather dictatorial state of play will continue for the first couple of weeks of December as the vast majority of the UK focus on preparing for the Christmas and New Year period. However, retail activity will begin to pick up in the final weeks of the month ready for a big push over the New Year and into the first few days of January.

“In summary December will be little different from previous years with low demand and low stock levels. Those vendors that must clear stock by the end of the year will be best placed to do this in the final week of trade activity, as retail demand drives the start of the increase in trade demand that will bounce back properly in early January.”

 

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.

Rupal Rawal, Communications Officer
Tel: 020 7307 3412
Mob: 07528 977 157
Press Office direct line: 020 7307 3422
Press Office fax: 020 7307 3406

Web: www.rmif.co.uk  Email: rupal.rawal@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.

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