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The report shows that during April, the average value of used cars sold at auction across the board decreased 5.0% to £5,228 from £5,251 in April 2015.
Despite the Easter break, volumes were only down 3.0% and from 109,271 in April 2014 to 118,861 in April 2015 ahead more than 9% on a seasonally adjusted basis.
First time conversion rates showed a decline from £350 in March 2015 to £325 in April 2015.
Price changes in March compared to February, by customer type
|Late & Low||£14,900||£14,450||-3,0%|
Paul Hill, NAMA Chairman comments: “We see positive results for the new car market in April 2015, with it up being 5.1% up on last year’s results, with 184,778 units being delivered.”
“March with its plate change gave an increase in the volume of units being offered through the auction lanes with dealer part exchange and corporate vehicle returns being in greater supply than in previous months. New products, attractive finance packages and low interest rates have yet again given the new car market a massive boost which in turn is providing volume increases for the auction sector”
Hill continues: “Because of the plate change in the prior month we see an increase of exchange of vehicles within the dealer networks. This has led to an increased stock of used vehicles in auction centres.”
“The forecast for the coming months is positive; there is continued economic recovery ensuring any increased supply has been met with a sensible level of demand, used vehicle supply will now fall back slightly over the summer months which in turn will ensure conversion rates remain strong, the only factor to keep a watch on is the volume of 2 – 3 year old PCP returns which may affect the price performance of certain sectors within the market.”
The National Association of Motor Auctions (NAMA) published its Light Commercial Vehicle (LCV) market report for April today.
The report shows that during April the average values of used LCV’s at auction across the board decreased by 12%. The average age of LCVs saw an increase from 70.1 to 70.6 months. The average mileage decreased from 82,232 to 82,175.
The average number of days that LCVs remained on site was 15.7 days. At £4,573 the average price paid for an LCV fell 1.1%.
Alex Wright, Chairman of NAMA Commercial Vehicle Group commented, “The data contained within this report demonstrates again the strength of the marketplace for used LCVs. 72.2% of LCVs sold the 1st time of being offered the first time an total overall of -0.2%. Prices for each of the LCV age bands we highlight have become more sensitive to changes in volume and average age/ mileage.
“The LCV market as a wholesale also became more challenging as the prices for used LCVs have fallen. This is because of the lower reserve prices for maintenance conversion rate purposes and bolster returns.”
“There is a dramatic drop in 2 to 4 year old leasing stock pushing the overall age to its highest level in a long time of over 70 months.
We see however a clear stabilisation within each age band, as the average age for LCVs continues to increase and mileage remains high.”
“Volume has dropped month on month but most importantly it is still 8% higher than this time last year. The 1st time conversion rate has dropped by 5.3% as the buyers have started to get more selective. The auctions halls are still full of buyers and the right stock is still very sort after achieving very high prices. We are looking forward to a strong steady van market over the summer as long as vendors properly assess the conditions of these working vehicles.”
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