Average used car selling prices saw a 7.5% increase at auction in August as retailers looked to fill their forecourts for September, the National Association of Motor Auctions (NAMA) has revealed.
In its monthly car auction data report for August 2017 – which is compiled by Glass’s – NAMA reported that the average price of a used car at auction rose from £4,824 to £5,188 first time conversion rates increased by 3.1% to 82.3% from July as the rate rose 4.6% above that of August 2016.
This came despite an average mileage up by 1.1% (2,400 miles) to 65,654 during the month.
Louise Wallis, head of NAMA, said: “It is positive to see that the auction market strengthened again in August.
“First time conversion rates at 82.3% were higher than the same period last year, however, sold volume was fairly similar, meaning that there was less stock available in the month this year.
“Hammer prices remained high in August due to demand exceeding supply. As we enter the plate change month, supply shortages are likely to ease, although demand is expected to remain high, particularly, for clean low mileage petrol vehicles.
“We expect overall auction activity to remain stable in the forthcoming months.”