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The report shows that during October the average month-on-month value of used cars sold at auction across the board decreased -2.4% to £5263 in comparison to September 2014, however, the overall average sales price across all ranges increased 1% in comparison with October 2013.
Sales Volume across all ages has increased by 3.6% to 102,707 cars in comparison to September 2014 although it is down 5 % on the same period in 2013.
The volume of vehicles sold first time at auction has dropped 4% from September 2014 to 80% in October 2014 signifying a more challenging market and possibly an increase in the volume of stock on offer. This is also 3% below the 83% recorded in October 2013.
The price premium of vehicles sold first time round has dropped significantly to £250. This is £100 less than September 2014 although interestingly it is the same level as this time last year. The average days on site remained the same as last month at 7.8.
Sales Volumes by profile in October 2014 compared to September 2014
|Late & Low||11,978||9,063||-24.3%|
There was a significant decrease in volume from the Late and Low Sector to the Budget sector, however overall volumes were up in the month. The Old P/X sector also records an increase of 6.6%. The overall variance from October 2014 to October 2013 is a downward move of 4.8%, and the Overall pattern supports the high volume of new car sales experienced over the last couple of months.
Paul Hill, NAMA Chairman Comments, “Used Retail activity in October took a significant downturn to the surprise of some retailers despite the warning signs earlier in the month.
“By the start of November the number buyers in the used market seemed to have increased slightly although footfall now remains lower than it was at the beginning of October. This is more a seasonal feature of the UK market rather than an exception as buyers focus on the impending festive season. For this reason, Retail sales for the remainder of November will continue to be challenging and retailers will need to work hard and fast on the customer to gain commitment. Prices need to be keen and the deals strong.
“As a direct result of lower retail sales, trade demand is also running at a reduced level. This is significant because it is the first time for a couple of years that vendors have found themselves in what is rapidly becoming a ‘buyers’ market.