Motor auctions members of the National Association of Motor Auctions (NAMA) have told their trade body that internal combustion engine vehicle values have remained strong during the recent lockdown in the United Kingdom.
NAMA has found that 90% of respondents believe both petrol and diesel values would remain strong or further increase. Auctioneers also say 1st time conversion rates are performing well, with 67% expecting rates to increase over the next month, with the remaining 33% expecting them to stay the same. Further, 90% of motor auctions have found that their on-line sales are ‘up considerably’ from this time last year.
NAMA’s findings come on the back of the used car figures being published (09/02/2021). In Q4 2020, there were 1,693,138 used car transactions, which is down -6.2% from Q4 2019. The overall 2020 year-to-date figures were down -14.9% at 6,752,959 transactions.
Louise Wallis, Head of NAMA, commented: “In line with expectations, petrol and diesel values have remained extremely strong. The strong values, coupled with robust conversation rates, demonstrate that there is an appetite for vehicles at auction. As consumer confidence remains high, we anticipate there will be significant pent-up demand for stock once lockdown restrictions are eased.”
Motor auctions have continued to operate through the Covid lockdowns by offering on-line auctions to customers who want to dispose of stock or to source vehicles to fulfil customer demand.
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.