Over 70% of auction houses are expecting to see an increase in petrol, diesel and hybrid values over the next month, according to a survey carried out by the National Association of Motor Auctions (NAMA).
Over recent months, auctioneers have been benefiting from strong consumer demand for used vehicles and the need for retailers to stock their forecourts. With the current long lead times for new vehicles, many consumers are switching to buying used cars, which is helping to drive demand at auction.
50% of respondents in the survey expect to see volumes of vehicles coming into auction to stay the same over the next month and 35% predict volumes will increase.
The results follow similar trends in previous month’s findings, with 1st time conversion rates continuing to perform well. 58% of respondents are favouring 1st time conversion rates to increase over the next month and 42% expecting them to remain the same.
NAMA is expecting the market to remain buoyant as we enter the final quarter of 2021 as demand for used cars remains strong.
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.