Used car sales have risen substantially in the last six weeks – apparently bringing the ‘bumpy’ post-referendum trading period to an end – according to online motor retail platform BuyaCar.co.uk.
Retail used car business increased in August by 22% compared with July – and September has already seen the biggest sales week in the platform’s history.
Although many other indicators in the British economy bounced back from a post-referendum result shock during August, BuyaCar says August was its fourth strongest trading month so far in 2016.
Online new car sales also saw an increase of 13% in August.
The bounce-back also reversed the year-on-year pattern for BuyaCar.co.uk which usually sees business slow down between July and August.
Last year sales in August were 15% lower than in July, reflecting a typical picture in motor retail with activity slowing ahead of the September new plate surge.
But this year’s 22% increase took BuyaCar.co.uk to its fourth highest sales month of 2016, bucking a trend of falling private new car registrations reported nationally by the Society of Motor Manufacturers and Traders for August.
The figures highlight strong growth in online car sales generally during 2016. BuyaCar sold more cars in August than during the busy March registration change, with the number of site visitors, saved quotes and finance applications all showing an increase too.
Austin Collins (pictured), BuyaCar.co.uk managing director, said: “The positive indicators seen in different sectors of the economy for August were often deceptive because they represented recovery from the shock of the Brexit vote.
“We certainly saw a bumpy post-referendum period, with many mixed performance indicators during the weeks immediately following June 23.
“But in the case of our new and used online car sales, August was one of our best months in a year of consistent growth and also a significant departure from the typical reduction in activity we see in August.
“September has seen business continue to rise and we have already recorded the biggest week in the platform’s history.”
Best used car seller in August was the Ford Fiesta, while strong promotions saw Jeep Renegade the top new car performer on BuyaCar.co.uk.