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Dramatic increase in used cars going to auction

BCA’s Pulse reports that September saw a dramatic increase in the number of used cars through its auctions.
Supplies of used cars rose in the month by more than 20% – the first such notable increase this year. 

Vehicle entries into auction rose in parallel and conversion rates fell. 

Communications director Tony Gannon said: “This is the most noticeable shift in market dynamics since the first days of January.

“Conversion rates have been affected by a softening in demand with dealers reporting a reduction in footfall and used car transactions as consumers hesitate in response to higher prices.”

Greater numbers of lower-value part-exchanges and fewer high-value nearly-new cars meant that its headline used car average value actually dropped £6 from August’s £6,223.

However, each segment actually achieved an increased value independently.

Fleet and lease rose by 3.5% to £7,850, nearly-new increased by 2.4% to £18,100 and part-exchange values went up by 4.2% to £2,672.

However, performance against CAP fell marginally, from 100.25% to 99.87% of CAP Clean values for all stock.

 

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