“The market continued to be quite strong, with many of the major buyers out in force stocking up in readiness for the Christmas period and into the New Year. These buyers tell me that the retail business at present is still not 'buoyant' but there is certainly more activity in the retail market. They believe there will be a shortage of stock available in the run-up to Christmas, which is why they are buying so strongly.
Vendors are certainly enjoying a much better market than we had during the last two weeks of September and the first two weeks of October and certainly the present "upbeat" market should continue through to Christmas. Cap percentage figures have risen 3 to 4 percent and overall conversion rates are much better.
It is still important that we remain reactive on the rostrum and give the buyers the incentive to bid and buy. Any vehicles that are overpriced or unrealistic are still being 'passed up'. These are the vehicles that cost money in the long term and continually go onto the "re-entry merry go round".
Pricing of stock is increasingly crucial in an effort to move vehicles at first time of asking. Good quality models with average mileage, in good condition and painted in attractive colours are demanding very good prices. 'Bread and butter' models with higher mileages in average condition are demanding Cap average prices. The unwanted colours of any model, any age and very high mileage are very much below Cap average.
In conclusion, generally the market is much brighter and relatively good for the time of year. Let us all hope that this situation continues over the next six weeks before the expected boom of the first quarter in 2002.”