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The report shows that during September the average month-on-month value of used cars sold at auction across the board decreased -2.1% from £5,512 to £5,995, however, the overall average sales price across all ranges increased 5% in comparison with September 2013.
Overall sales volumes for September were down 2.7% on the previous month at 99,165 and 3% down on the same period in 2013.
First time sale conversion rates increased from 80% to 84% between August and September and reflected the shortness of stock in relation to trade demand. However this was 2% down on the 86% recorded in 2013.
The price premium of vehicles sold first time round has dipped by £25 between August and September to £350, although the percentage remained consistent at 8%, and the average days on site declined from 8.4 days to 7.8 days, although this was up 0.6 days on the same period in 2013.
Sales Volumes by profile in September 2014 compared to September 2013
|Late & Low||12,071||11,978||-1%|
The young PX sector has seen the largest variance year on year dropping 16% and the overall variance from September 2014 to September 2013 saw a decline of -2.7%.
Paul Hill, NAMA Chairman Comments, “Used car activity tends to take second place to new car activity during September, although this year dealers had to work as efficiently as possible to cater for the intense new car demand and strong used car demand.
“From a stock perspective it would appear that the trade is starting to see an increase in available cars. These are both fresh cars and unsold examples. Whilst September’s conversion rates were good, October has seen a reduction as buyers react to the drop in retail used car sales. For the larger franchised dealers there is also hesitancy towards buying at the end of the month, due to the requirement to pre-register ever increasing volumes from a wide variety of manufacturers.
“In summary, October could be the turning point that we have all suspected has been coming. It would seem that the market is no longer dictated by the vendor and the balance is shifting in favour of the buyer. Retail deals will still be there to be had but dealers will have to work just that little bit harder to close the deal.”