We are pleased to see that the overall used car market has continued to remain strong in Q2 with the market down just -2.8%.
There were just over 2 million used transactions in Q2, with March being the busiest month in terms of volume so far this year.
Growth in the market came through sales of hybrid, plug-in hybrid and battery electric cars (BEVs), which rose 24.8% so far in the year to 33,492 units. Earlier this year NAMA reported
that we expect to see more plug-in hybrids and BEVs going through auctions in 2019, increasing supply and starting to normalise their price behaviour.
The auction market appears to be performing well and there has been a reduction in stock coming into remarketing centres which has had a positive impact on both values and conversion rates.
The supply of used cars has been affected by less part-exchange and de-fleeted vehicles due to a lower volume of new car registrations. Dealers are still requiring good quality and well-priced stock to supply their forecourts and to fulfil consumer buying requirements.
This trend is expected to continue through August ahead of the plate change at the start of September when volumes will start to increase from dealer part-exchange vehicles. We look forward to seeing what the third quarter brings.