The average sale price of a used car increased slightly by 0.9% to £5,441 from £5,263 in October, according to the National Association of Motor Auctions (NAMA).
NAMA’s monthly report shows sales volumes for October rose by 2.4% in comparison to September 2015. In terms of a year on year comparison vehicle auction sales rose by 12.0% from 102,707 in October 2014 to 114,986 in October 2015.
The percentage of vehicles sold first time in October decreased from 85% in September to 80%, a fall of 5%. In Comparison to October 2014 there was no change in the conversion rate, remaining static at 80%.
The price premium for vehicles sold fell from £300 to £250, and the average days on site increased to 7.4 from 7.3 days.
Four out of the five market sectors saw a sales price growth on the equivalent month 2014 with only the late and low sector falling in price on the previous year. There were a significant number of budget vehicles sold during the month at auction maintaining the trend experienced throughout 2015 with prices holding well despite the volume.
Paul Hill, NAMA chairman, said: “At the wholesale level, first time conversion rates declined in four of the five market segments to below 80%.
“The exception was the budget sector of the market which delivered an 86.2% first time conversion. Although we have seen a marginal 1.1% fall in new car registrations, October delivered the third highest number of sales at auction during 2015.
“In addition to the fleet volume, dealers continued to clear the decks of overage stock and unwanted part exchange vehicles that arrived on site as a result of new car sales activity in September and October.”
Hill is expecting manufacturers to continue the push offers into the new car market towards the end of this ear.
He said: “As always the ever vigilant vendor remarketing partners will need to keep close to the market changes and council wisely at the pre-auction briefings.
“In addition swift advice will be needed to ensure days to sale are kept to a minimum and the best values are achieved on the day.”