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NAMA comments: Demand in used car market remains strong in Q3

NAMA 14/11/2018

“It is encouraging to see that the overall used car market has reached near record highs in Q3, despite disruption in the new car market with the recent introduction of the Worldwide Harmonised Light Vehicle Test Procedure (WLTP)”, said Louise Wallis, Head of The National Association of Motor Auctions (NAMA) commenting on the SMMT’s used car figures released today.

Despite a sales dip of -2.1% compared with the same period in 2017, there were 2,057,457 used transactions in Q3, with August the quarter’s best-selling month.

Wallis continued, “Auction activity has been buoyant in 2018 so far, and it is believed that around 5.5% more cars have been sold compared to last year.

“The last 3 months have seen first time conversion rates and average values up. Conversion rates have been extremely strong this year and month on month 2018 has consistently outperformed the last 2 years in this key selling metric.

“It has also been reported that sales attendance at auctions remained high during the month, with professional buyers bidding competitively across all market sectors, both at auction and online.

“We believe both demand and prices in the used market will remain high for the remainder of 2018 and into the New 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.