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MARKET KICKS OFF ON A POSITIVE NOTE IN JANUARY, SAYS NAMA

NAMA 27/01/2025

"From a wholesale standpoint, the market is demonstrating strong and promising signs as it enters the new year” said Paul Hill, spokesperson for the National Association of Motor Auctions (NAMA) following the first market meeting for 2025.
LCV segment
NAMA members have observed a mixed performance in the LCV segment, with the older market experiencing more negative trends than positive ones, while the sub-5-year-old market has shown better stability. Members reported strong performances in areas where product is in short supply whilst parts of the market has been weaker overall, particularly with damaged stock. A key factor that may influence a sector of the market is the upcoming change in Benefit-in-Kind tax treatment for double cab pick-up trucks, set to take effect in April 2025, as announced in the 2024 Autumn Budget. 
Overall market
The metrics and data in January 2025 appear positive, including:
  • A strong retail market with search activity up 4% on January 2024.
  • An unexpected statistic is increase in search activity for diesel with this being 10% greater than January 2024.
Overall, members are reporting that the car market is in a strong and healthy position. Overall price movement is negligible with prices generally level however, BEVs have shown slight weakness, down by -0.7% with PHEVs fairing slightly better with values down by -0.5%. Older, higher mileage vehicles have improved on their year-end position. The current positive momentum is expected to continue over the coming months through vehicle condition remains a key factor in ensuring strong performance.
Paul Hill concluded “The LCV segment has seen a mixed performance, with the older market seeing some challenges. T Some of this may be attributed to the upcoming Benefit-in-Kind tax changes for double cab pick-ups in April 2025.
“BEVs have also seen a weaker performance, down by -0.7%.
“Despite some challenges, the market has started the year on a positive note, with a strong overall performance in January 2025. We anticipate this positive momentum to continue through the first quarter.”
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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.