Auction houses continue to experience strong vehicle values, even with increased volume supply, according to the National Association of Motor Auctions (NAMA).
In response to the latest NAMA survey, 40% of auctioneers who responded said they expect auction volumes for cars to increase, with a further 50% expecting them to remain the same. This increase is in part down to September part-exchange cars making their way to auction.
Values of ICE and Battery Electric Vehicles continue to perform strongly, with 80% expecting values to increase or remain stable. This reflects the currently buoyant used car market, which is benefiting from keen demand from consumers post-lockdown as many seek an alternative to public transport.
Auction houses continue to report exceptionally robust on-line sales, with 100% of respondents reporting that the volume of on-line sales are up considerably.
When asked whether auctioneers believed the average 1st-time conversion rate for cars would change over the next month, 70% thought they would increase or stay the same.
Louise Wallis, Head of NAMA said “In line with expectations, demand for stock at auctions has remained extremely strong, which is reflected in rising values and robust conversion rates. Increased supply as a result of September part-exchange vehicles has not dampened demand as consumer confidence remains high”.
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.