Business as usual for UK auctions

It’s been business as usual for UK motor auctions during the second national lockdown in England.

This is according to the National Association of Motor Auctions (NAMA).

Louise Wallis, head of NAMA, said: “Following the first lockdown, businesses are now more familiar with running auctions under Covid-safe procedures. Positively, it is business as usual for most auctions thanks to auctioneers’ ability to adapt, focus on online sales and carry on doing business in a safe and compliant way.

“Following a particularly strong year, the market remains ahead of 2019’s levels despite all the challenges and it would be normal to experience a slight realignment over the coming weeks”.

According to cap hpi, volumes of sold wholesale data have been relatively consistent before and after the second lockdown commenced, although these were not at the peaks they were at in September.

Derren Martin, head of valuations UK for cap hpi, said: “From our perspective, retail values are holding quite firm, whereas trade prices continue to drop in November. Cap Live values have been dropping steadily since late September, but we have not seen a huge acceleration in this over the last two weeks.

“It is important to remember that on average, used values are over five per cent higher than they were a year ago, for a like-for-like car at the same age and mileage point. This is very unusual and with the fourth quarter of the year generally being a period when there is more pressure on prices, plus some reduction in the buoyant demand factors of the summer 2020, it is unsurprising that values are dropping.

“We expect values to continue to drop for a few weeks, although they may stabilise depending on when lockdown ends and the proximity to Christmas.”