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Auction market continues upward trend in October

NAMA 27/11/2018

“It is encouraging to see that the wholesale used car market continued to grow strongly in October with a positive entry level and overall conversion rates of 82%”, said Louise Wallis, Head of The National Association of Motor Auctions (NAMA) commenting the latest NAMA monthly car auction data report for October 2018.

The report published today shows in October:

  • First time conversion rates decreased by just -1.3% to 82% from September to October.

  • Diesel converted at 82.6%, up 0.8% on the same period last year

  • There remains a significant gap between the average sale price of petrol and diesel cars at £3,862 for petrol and £7,119 for diesel

  • The first time premium was up by £106 on the same period last year

Wallis continued, “This has been another very buoyant month for the used car market, with data so far this month indicating that the trend is due to continue into November.

“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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The full NAMA Car Auction report is available from the RMI press office on request.

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.