USED CAR MARKET IS STRONG NAMA MEETING REVEALS

“As the summer months draw to a close, NAMA members are reporting a stable market. Demand has fallen slightly which may be attributed to external pressures influencing consumer buying trends, but this falls in line with expectation. As a whole, however, there are enough buyers out there interested in buying stock”, said Paul Hill National Association of Motor Auctions (NAMA) spokesman, after a meeting was held this week (Tuesday 20 September 2022) with key industry figureheads to discuss current industry issues.

Over the last four weeks of trading the retail market has reported fall in demand from consumers, in comparison to the previous four, which is expected from retailers. The well documented issues relating to supply, driving the value of used car values up, has maintained this level and appears to be steady. Demand for diesel is still reducing, whilst petrol and BEV remain as the markets focal point.

On a positive note, the wholesale market value is up 0.1% in September in comparison to August. Whilst the plate change month of September often sees an influx of stock, NAMA Members have stated that this has not yet hit their forecourts and is not expecting to provide significant volumes into the market. However, particularly good results are being recorded in used cars between the ages of 3-5, experiencing high demand from consumers.

The commercial vehicle market remains robust, and demand is strong, reflecting the seasonality of the market share. NAMA Members highlighted how independent buyers continue to target good condition and high-quality LCVs. Overall, values are expected to fall over the coming months, but nothing to be concerned about.

Paul Hill continued: “NAMA monthly meetings fosters positive discussion and presents the perfect opportunity to receive first-hand accounts and experiences from industry peers”.

“Similar to times during the pandemic, we encourage all NAMA Members to attend these meetings as it is essential the industry works in cohesion to understand the challenges facing our industry, particularly during times of uncertainty with supply and energy.”

ENDS

NOTES TO EDITORS

Adam Weeks, NAMA Communications Officer

Direct: 020 7307 3413

Mobile: 07384 514 978

Email: adam.weeks@rmif.co.uk