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Motor auctions see rising volumes with prices remaining high

NAMA 10/08/2020

Auction houses are experiencing strong vehicle values and a strong demand for stock, according to the National Association of Motor Auctions (NAMA).

While the majority of auction houses are not yet opening their auction halls to buyers, they continue to be very busy with on-line sales. Used vehicles are in keen demand from consumers post-lockdown as many look for an alternative to public transport whilst others have delayed purchases from earlier in the year. This has meant a demand for used car stock from dealers to fill forecourts with cars to fulfil customer demand.

Volumes of vehicles coming to auction are expected to remain at current levels, though it is likely that volume will start to increase particularly as we enter the plate change month of September when part-exchange and de-fleeted vehicles are likely to become more plentiful.

NAMA members expect the sector to continue to perform extremely well over the coming weeks. In particular, 50% of auctioneers who responded to the latest NAMA survey said they expect Euro 6 van values to increase through August, with none reporting any expectation of a decrease in value.

Louise Wallis, Head of NAMA said, “Demand for stock at auctions is currently very strong, which is helping to keep up hammer prices. Conversion rates have been robust, and this is likely to continue for good quality desirable vehicles even as supply increases.”

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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.