A recent survey carried out by the National Association of Motor Auctions (NAMA), highlights continued strength in the used car market driven by demand for vehicles and reduced supplies of stock.
Almost half of respondents (45%) in the survey expect to see volumes of vehicles coming into auction to increase over the next month, which will have a positive impact on values and conversion rates.
The results follow a similar trend to last month’s findings, with 1st time conversion rates continuing to perform well. 55% of respondents are favouring rates to increase over the next month and 45% expecting them to remain the same.
Furthermore, all respondents of the survey are expecting an increase in petrol values and 75% in diesel values over the next month.
Auctions are expecting to see volumes increase over the next month as the new plate changes generates part exchanges from new vehicles sales.
They will also be benefiting from strong consumer demand for used vehicles and the need for retailers to stock their forecourts.
NAMA is expecting the market to remain buoyant as we enter the final quarter of 2021.
NOTES FOR EDITORS:
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.