A recent survey carried out by the National Association of Motor Auctions (NAMA) revealed that there is growing confidence that 1st time conversion rates and auction volumes will increase as the UK comes out of lockdown.
The NAMA survey results follow a similar trend to last month’s findings, with 1st time conversion rates continuing to perform well, with 55% of respondents favouring rates to increase over the next month and 36% expecting rates to remain the same. Further, 63% of respondents are expecting an increase in auction volumes over the next month. Increased auction volumes and 1st time conversion rates could indicate that consumer confidence is growing and demand for vehicles is rising.
Louise Wallis, Head of NAMA, commented: “The latest NAMA survey shows strong demand from dealers for forecourt stock. This is due to an expected rise in consumer sales post lockdown. The auction market is expected to remain strong over the next few months to fulfil this demand.
“Even though auction sites remain closed for sales, online activity has ensured the wholesale market has remained strong and able to meet the demand of both auction buyers and sellers.”
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.