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Auction market continues upward trend in November

NAMA 18/12/2018

“It is encouraging to see that the wholesale used car market remained buoyant in November, with first time conversion rates falling by just -2.6% to 79.4% which is broadly in line with last year”, said Louise Wallis, Head of The National Association of Motor Auctions (NAMA) commenting the latest NAMA monthly car auction data report for November 2018.

The report published today shows in November: 

  • Petrol cars converted at a slightly better rate than diesel for the first time since March. Petrol conversion fell by -1.5% to 80% from last month, and diesel fell by -3.7% to 78.9%, but was still 0.9% up on last November

  • There remains a significant gap between the average sale price of petrol and diesel cars at £4,130 for petrol and £7,501 for diesel

  • The first time premium was up by £103 on the same period last year

  • Average mileage increased by over 2,000 miles compared to November 2017

  • Alternative fuel vehicles made up only 1.4% of the total volume of cars sold

Wallis continued, “Overall, it has been a positive year for the used car market, with data so far this month indicating that the trend is due to continue into the Christmas period.

“Reports show that auction halls have been busy with buyers bidding competitively across all market sectors. 

“It is expected that dealers will now turn their attention to building stock up for the New Year, where historically there are fewer fresh entries and prices firm up.

“NAMA is optimistic that 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.