“February looks set to be a strong month for motor auctions, with the majority of sites expecting both volumes and conversion rates to increase,” said James Tomlinson, Chairman of The National Association of Motor Auctions (NAMA), commenting on the latest figures from NAMA’s new sentiment survey.
Findings show that a number of auction houses expect a continuation of the 2018 trend of increased values for petrol vehicles, suggesting demand will continue to outstrip supply in this segment.
It is also interesting to see that plug-in hybrid demand is cooling, while 23% of members expect to see an increase in BEV (Battery Electric Vehicles). It is expected that in 2019 we will start to see more plug-in hybrids and BEVs going through auctions increasing supply and starting to normalise their price behaviour.
Average age and mileage look set to remain steady over the coming month, although around 30% of respondents have indicated that both could increase.
Tomlinson continued, “NAMA’s new survey aims to give a monthly insight into the market with data sourced from our members. The first survey which launched this month saw strong engagement with 70% of NAMA members contributing.”
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.