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The report shows that overall in March:
• First time conversion rates decreased by -1.5% to 83.8% from March
• Average selling value decreased -6.3% from £5,884 to £5,512 from the previous month, however was up a positive 11% from last March’s figure of £4,968
• Average mileage was up by 2.7% to 64,611 from February, and was down by only -0.2% on the same period last year
• The first time premium was £44 – a significant 202.3% rise on last month’s figure of -£43
Auction activity remained buoyant in March, indicating that retail activity is still strong.
It would appear that some consumers are opting to buy used cars, possibly as they offer better value than the new car market currently does.
With more stock hitting the wholesale channels as a result of the March plate-change, the outlook for auction activity is looking positive over the coming months in the second quarter.
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