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COX Automotive has gathered insight and data from across the industry to produce a ‘state of the market’ overview. A number of key findings are summarised below.
The average stock levels per dealership has increased year-on-year, supporting an anticipated shift in consumer demand from new to used.
Despite a rise in both percentage share and views for diesel vehicles in January 2018 compared to January 2017 on Motors.co.uk, the average days in stock has increased from 48 days to 51. Average days in stock for diesels increased by one-day year-on-year, whilst petrol vehicles remained the same.
An increase in the average advertised price, reflects higher stock profile in newer, greater valued vehicles.
Average sale prices online and physical auction lanes remained steady (within 0.2% of December) at £6,677. Average mileage, went up from 58,331 to 59,195. Dealer-auction.com reported a 13% increase in average sales values and 11% increase in average sales volumes, compared to December. There was a 15% year-on-year increase in diesel vehicles sold at online auction during the month through dealer-auction.com.
COX Automotive expects softening consumer confidence to affect new car sales, however used car sales are expected to increase. Cash flow and digital integration are set to remain priorities for dealers in the year ahead. COX does not expect a drop in vehicle purchase prices in an uncertain market.
Finally, we are likely to experience further consolidation and international investments. While uncertainty remains, COX predicts a ‘challenging new car market’.