14 October 2020
Author: Sean Keywood
Used car values and volumes both rose during September, according to auction firm BCA.
It says the average sale value was £8,363, a 3.9% increase month-on-month, while online sold volumes were up by 31% to reach the highest point on record.
Conversion rates also remained high, typically exceeding 85%.
BCA says overall buyer demand for stock remained strong, with an increasing focus on stock that is ready to take away and retail immediately.
BCA COO for UK remarketing Stuart Pearson said: “The used car market saw buying activity and demand increase in September with BCA selling record volumes online for the fifth month running.
“We also saw record numbers of customers purchasing online in September, with numbers of customers for both online auctions and fixed price purchase continuing to rise.
“It is this strength in depth in the used car sector that has been integral to the industry trading so efficiently and effectively in the post-Covid-19 marketplace.”
According to Pearson, the remarketing basics for vendors remain just as relevant in an exclusively digital marketplace.
He said: “After a sustained period of strong prices, some readjustment is likely to happen at some point. Ensuring that every vehicle has the appropriate documentation from V5 to service history, describing the vehicle with all of the add-value specification and also providing all the equipment at point of sale remain as important as ever.
“Exceptionally strong consumer demand has driven the wholesale market to the record levels seen over the last few months. However, if we see a shift towards more normal seasonal conditions, buyers will quickly become focused on condition and presentation.”