Volumes and prices continue to rise
The National Association of Motor Auctions (NAMA) has reported strong volumes and rising prices since lockdown eased, and says it expects that trend to continue.
Physical auctions reopened on 15 June although the majority of auction houses continue to focus on online sales, with more than 50% of auctioneers who responded to the latest NAMA survey saying they expect volumes for three-year-old and older vehicles to increase through July.
While prices are rising, most auction houses believe the average age of cars as well as average mileages will not experience any major change.
Louise Wallis, dead of NAMA said: “Despite significant external challenges, the motor auction sector is seeing a number of positive trends. Volumes are now almost at pre-lockdown levels and auctioneers are optimistic particularly for vehicles over three years old. As new car sales gradually pick up, the increase in defleeted company cars and part-exchanges will support volumes at auctions which are likely to stay strong.
“Online sales at auctions remain buoyant with the NAMA vehicle grading scheme boosting buyers’ confidence and giving them the peace of mind they need to make online purchases. At the same time, the grading scheme is helping sellers accurately value vehicles to ensure high conversion rates.”
