AM Online

Ex-fleet cars boost wholesale market in June, reveals Manheim

Manheim auction

A 14.1% increase in wholesale prices for ex-fleet cars drove a 9.4% overall rise in the price of used cars sold at auction during June, Manheim has revealed.

The average price of a used car rose to £5,918, with the wholesale price for ex-fleet cars averaging £10,580 during the month.

Ex-fleet cars sold by Manheim in June also had the lowest average mileage the company has recorded in its auctions, with an average odometer reading of 39,544.

Motors.co.uk, also a Cox Automotive brand, saw the average retail selling price fall slightly by 1.7% in June, however, following the strong growth seen in the previous month.

A statement issued by Motors.co.uk revealed: “The average price of a car sold on Motors.co.uk was £12,465, with lower month-on-month prices recorded for luxury (down 0.6%), prestige (down 7.8%) and volume brands (down 4.8%).”

It added: “The softening of the retail market in June may well have been attributable to the EU referendum and the uncertainty that it created in the market, both in the run-up to the vote and immediately after the result was announced.

“The overall wholesale market was more bullish in June, with average selling prices rising month-on-month for luxury (up 20.1%), prestige (up 14.6%) and volume (up 2.3%) marques.

“Younger, lower mileage ex-fleet stock was in higher demand than part-exchange dealer stock, for which average selling prices fell slightly by 2.5%.”

Demand in Manheim’s auctions remained strong for both diesel and petrol cars, with the average selling price for diesels up 10.9% compared to May and the same figure for petrol cars rising by 4%.

In the retail market, data from Motors.co.uk showed a slight softening for all fuel types, including hybrid and electric cars, which perhaps reflected contracting consumer confidence in the run up to the EU referendum.



Click here for used car best practice and procurement insight

If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please login.

Comment as guest


Login  /  Register

Comments

No comments have been made yet.