AUCTION VALUES ‘REMAIN EXTREMELY STRONG’

Auctioneers have reported that values for petrol and diesel light vehicles have remained strong so far this year, despite the lockdown.

Values remain high, despite a switch away from physical auctions like this

Trade body NAMA has found that nine out of 10 members that responded to a survey believe both petrol and diesel values would remain strong or further increase. Auctioneers also say first time conversion rates are performing well, with 67 percent expecting rates to increase over the next month, with the remaining third expecting them to stay the same.

2020: EUROPE’S TOP NEW AUCTION HOUSE

Perhaps unsurprisingly, given that physical locations have been closed or strictly limited, the vast majority of respondents said that on-line sales are ‘up considerably’ from this time last year.

NAMA’s findings come on the back of the used car figures being published. In Q4 2020, there were 1,693,138 used car transactions, which is down -6.2 percent from Q4 2019. The overall 2020 year-to-date figures were down -14.9 percent at 6,752,959 transactions.

READ: USED CARAVAN SALES SURGE

Louise Wallis, Head of NAMA, commented: “In line with expectations, petrol and diesel values have remained extremely strong. The strong values, coupled with robust conversation rates, demonstrate that there is an appetite for vehicles at auction. As consumer confidence remains high, we anticipate there will be significant pent-up demand for stock once lockdown restrictions are eased.”

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Published by Greg Whitaker

Editor of CAT Magazine and an experienced motoring journalist @GregWhitaker5

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