“The overall used car market reached record highs in 2018, despite pressures in the new car market with the introduction of the Worldwide Harmonised Light Vehicle Test Procedure (WLTP) in September”, said James Tomlinson, Chairman of The National Association of Motor Auctions (NAMA).
Auction activity was unprecedented in 2018, with both first time conversion rates and average values up. Conversion rates were extremely strong, and month on month 2018 consistently outperformed the last 2 years in this key selling metric.
Whilst used petrol values were the strongest performers, used diesel also continued to sell well, demonstrating that diesel still has a firm place in the used car market. Recent reports are beginning to suggest that there could be a shortage of diesel product in the used car market in the near future.
It was also positive to see that used electric vehicles are being more widely accepted, however with increasing demand, supply could be an issue.
Sales attendance at auctions remained high throughout the year, with professional buyers bidding competitively across all market sectors, both at auction and online.
Tomlinson continued, “The market was incredibly consistent throughout the whole of 2018. NAMA is optimistic that demand and prices in the used car market will remain stable and 2019 will mark another successful year for the auction sector.”
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.