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.
The majority of respondents (89%) in the survey expect to see volumes of vehicles coming into auction to decrease 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, with an even split of 44% of respondents favouring rates to increase over the next month and 44% expecting rates to remain the same. Only 12% of auction houses expect to see rates decrease.
Furthermore, a huge 89% of respondents are expecting an increase in petrol values and 75% in diesel values over the next month.
Auctions are benefiting from retailers buying vehicles to stock their forecourts to meet strong consumer demand for used cars following the easing of lockdown restrictions. The auction market is expected to remain strong over the next few months.
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.