NAMA Market Update - July 2025: Wholesale Market Shows Continued Strength, With LCVs Leading the Way

“The wholesale market remains in strong shape, with high conversion rates, good stock turn, and continued buyer appetite,” said Paul Hill, spokesperson for the National Association of Motor Auctions (NAMA), commenting on the July 2025 NAMA Market Update.

Market overview

NAMA members reported that he market has remained on an encouraging trajectory, with conversion rates holding firm and pricing stable across most fuel types. Retail conditions are slightly softer, largely due to seasonal factors such as weather and summer holidays, but the trade market has stayed robust, with price movements better than typical seasonal averages.

• Overall pricing is down just -0.3%, compared to a seasonal average drop of around -1%
• Conversion rates remain high, particularly for well-graded vehicles
• Demand is strong across the board, though vehicle supply continues to be a constraint for some

LCV segment

The light commercial vehicle (LCV) market was a particular highlight, with some members reporting their strongest LCV conversions of the year so far. Demand for vans continues to rise, and stock remains short, pushing quality vehicles straight out the door. Notably, for the first time this year, used electric LCVs outsold diesel equivalents in terms of speed to sell, according to AutoTrader data.

EV trends

EVs continue to adjust, but the rate of depreciation is now slowing. Electric values moved down -1.2% in July, a softer decline than previous months. Plug-in hybrid and EV models in the 3-5-year age range are performing well and turning quickly. However, younger EVs, particularly those under one year old, continue to face longer selling times, partly due to incentives on new cars shifting buyer attention.

The government’s recent announcement of renewed EV grants for new vehicles has been welcomed. However, NAMA members note that further support would be welcome for used vehicles and the commercial segment, where incentives could have a more immediate impact on wholesale activity and demand.

Paul Hill concluded: “While we welcome further investment in EV adoption, we would encourage government to consider how incentives might also support the used EV and LCV markets, which are critical to broader electrification goals.”