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The report shows that during February, the average value of used cars sold at auction across the board increased 0.3% from £5,426 to £5,442.
Last month recorded a 15.6% drop in volume over January, although this is a seasonal dip given a comparable fall last year. The 95,936 units sold are an increase of 11,991 over the volume sold in February 2013 which is a rise of 14%.
The percentage of vehicles sold first time round improved to 86% driven by improvements in Fleet profile cars, although the Budget segment remains the best performer at 88.3% of vehicles sold first time.
The overall average age of cars sold at auction increased by 3.6 months to 82.4 months year on year and by 1.4 months from January to February 2014. Average mileage also increased by 1,903 miles to 66,794 year on year and by 1,088 since January 2014. The significant reduction in days on site for sold stock and increase in conversion rates suggests a general stock shortage during February.
Price changes February compared to January, by age profile
|Late & Low||£14,250||£14,475||2%|
Throughout February prices remained broadly stable despite the rising age and mileage in all sectors. The year-on-year average sales price of £5,442 across all ages remained the same.
Craig Mailey, NAMA Data Group Chairman Comments, “Following a slow start to the month, attributed to the arrival of credit card bills from the festive season, activity levels for most of the used car trade grew in line with February expectations. Finance demand increased progressively as the month wore on and by the end of the month most franchised and non-franchised dealers were reporting good used car sales levels.
“Used car retail activity at the start of March has been very robust, and has come as a welcome surprise to many who expected the focus and demand to be on new cars following this month’s 14-plate change.
“The slight squeeze on used car stock availability evident during the final two weeks of February is lingering into March, but this is expected to fade away as part exchanges from the new registration activity feed through to the auctions in the second and third week of March.
“This will see dealers and traders replenish stocks at more sensible pricing levels to meet what is expected to be a continuation of the robust used car demand driven by an economy that is growing in strength day by day”.