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NAMA 23/11/2023

“Auction houses are continuing to witness a trend of price realignment, with a slight uptick in volume for November. Dealers are starting to adopt a targeted approach for stock, in anticipation of a positive bounce in the new year,” said Paul Hill, NAMA Advisor, following NAMA members and valuation guides met on 21 November 2023 to discuss current market conditions and future outlooks.

General Market Trends:

The market is undergoing a state of realignment, with signs of inflation curbing, which is expected to have a positive impact on retail activity. Forecasts suggest an increase in defleet volumes may contribute to increased market activity from February onwards. Buyers remain cautious, especially for purchases exceeding £10,000, with smoother transactions observed for more affordable vehicles.

Car Market Overview:

The market is experiencing a continual realignment of prices with a slight uptick in volume. Notably, Electric Vehicles (EVs) are showing resilience, with some exceptions in the small SUV sector. Dealers are adopting a more targeted stock approach in preparation for the anticipated positive bounce in January.

LCV Insights:

There is a slight decline in Light Commercial Vehicles (LCV), primarily due to seasonality. Surprisingly, the large van sector has slowed down, possibly indicating maturity in the parcel and home delivery sector. Both the city and small van markets have seen a decline between July and October. Retail demand is down, and consumers are holding onto vehicles for longer periods, seeking better value for money.

Electric Vehicle Observations:

Certain manufacturers are flooding the market with new and nearly new Electric Vehicles. However, the overall performance of Battery Electric Vehicles (BEVs) remains consistent with previous months.

Paul Hill concluded: “The market is currently in a state of flux, but members find solace in the fact that all are facing similar challenges. There is an overall positive sentiment, with members actively forecasting and preparing for a robust January. Overall, demand is steady, and members are gearing up for a final push in the remaining months of the year.”

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About the RMI

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.