Motor auctions members of the National Association of Motor Auctions (NAMA) have told their trade body that they expect internal combustions engines values to remain strong. This reflects the improving consumer confidence as lockdown gradually eases across the UK.

NAMA has found that 78% of respondents believe petrol values will increase in the coming month, with the remaining 22% expecting values to stay the same. Diesel values are mostly expecting to stay the same, according to 55% of respondents, whilst the remaining 45% predict an increase.

NAMA survey results have also revealed that 88% of respondents are expecting auction volumes to increase. This, coupled with 100% of respondents expecting both first-time and average conversion rates to either increase or stay the same, is a great indication that the market remains buoyant and consumer confidence remains strong.

Louise Wallis, Head of NAMA, commented: “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 next few weeks is expected to see a continuation of a strong used vehicle market with auctions being key to its success”.

ENDS

NOTES TO EDITORS

The NAMA Grading Scheme was developed by NAMA to enhance transparency and make it easier for auction buyers to select the vehicles they want to buy. The scheme has 5 grades that are based on the external condition of a vehicle. The grades are determined on a points system allocated by type and severity of damage. Grades are assessed by inspectors at each auction specifically trained to grade vehicles and working to a strict standard.

Jordi Skilbeck, Press
Tel: 0207 307 3424
Mob: 0734 173 1720

Press Office direct line: 020 7307 3422

Email: jordi.skilbeck@rmif.co.uk