Increased volume hasn’t dampened values
Vehicle values within auctions have not suffered as a result of greater supply, according to the National Association of Motor Auctions (NAMA).
In response to the latest NAMA survey, 40% of auctioneers who responded said they expect auction volumes for cars to increase, with a further 50% expecting them to remain the same. This increase is in part down to September part-exchange cars making their way to auction.
Values of ICE and battery electric vehicles continue to perform strongly, with 80% expecting values to increase or remain stable. This reflects the currently buoyant used car market, which is benefiting from keen demand from consumers post-lockdown as many seek an alternative to public transport.
Auction houses continue to report exceptionally robust on-line sales, with 100% of respondents reporting that the volume of on-line sales are up considerably.
Louise Wallis, head of NAMA, said: “In line with expectations, demand for stock at auctions has remained extremely strong, which is reflected in rising values and robust conversion rates. Increased supply as a result of September part-exchange vehicles has not dampened demand as consumer confidence remains high.”
