Trading levels up to 90%
Retailers are now trading at around 90% of typical volumes, according to the latest data from Auto Trader.
It marks a notable increase on the 80% recorded in February, and circa 60-70% levels in January.
This continued acceleration in sales is reflected on Auto Trader, which during the first week of March saw a step-up in audience performance with 15.5 million cross platform visits: an increase of five per cent week-on-week.
It’s now more accurate to compare the current performance against 2019 given the emerging impact of Covid-19 this time last year. Accordingly, visits during the first week were up 24% on the same period two years ago.
Serving as a further indication of the potential health of the market, an onsite survey conducted in February revealed that consumers’ confidence in being able to afford their next car was at its highest level (8.75/10) since Auto Trader began tracking it in January 2020, surpassing the previous peak recorded in January (8.60/10) of this year.
It’s even ahead of confidence levels recorded pre-pandemic.
Chief executive officer, Nathan Coe, said: “It’s very encouraging to see the market is approaching typical trading volumes, which is testament to the speed at which retailers have adapted to digital retailing. Automotive retailing is very much open for business as retailers continue to report strong performance despite the restrictions. This continued acceleration in both sales volumes and consumer demand, points to a strong period of retail growth once forecourts are able to fully open.
“What’s vital is that retailers don’t wait until the 12th April to seize the opportunity to convert searches into sales. Unless retailers have their stock and their brands promoted across their digital channels, not only will they miss out on those who are in market to buy today, but also the 59% of those we know are researching in March to buy in April.”
