Used car sales volumes down
The National Association of Motor Auctions (NAMA) published its monthly market report today for February.
The report shows that during February the average month-on-month value of used cars sold at auction across the board decreased 0.4% from £5,592 to £5,567.
Sales volumes were down by 7.3% in comparison to the January 2015 figures. This is not unexpected as stock levels reduce at the auction centres in line with the February market prior to the March plate change, and the sale of vehicles that had built up in January post the holiday period sold at the end of January. However vehicle sales were up by seven per cent and almost 7,000 units compared to February 2014.
The volume of vehicles sold first time during February 2015 rose from 82% in January 2015 to 84%. However, this was down as a percentage on February 2014 by 2% despite showing a greater number of vehicles sold in comparison.
The price premium for vehicles sold first time rose by £50 on the January 2015 value to £350 and the average days on site decreased to 8.2 days.
Average sale price has increased on the perception of tighter supply in comparison in all sectors although the overall number of vehicles sold was higher than February 2014.
Paul Hill, NAMA chairman commented, ‘February 2015 has shown another strong month in the new car market, the 36th month of consecutive growth delivering 76,958 units up 12% on the February 2014 number of 68,736 units. The registrations were pushed up by a growth of 19.9% in fleet and 3.4% in the private market.
‘At a wholesale level as expected values were strong for the month of February in the build up to the March plate change. Early indications are that stock numbers are building in the auction centres a little earlier than the normal market trend for this time of the year. Dealers are verbally reporting a good order take for the new plate change, and transport companies suggesting that their utilisation will be high for March delivering new stock and moving used vehicle stock to the auction centres.
‘A strong month on the plate change will inevitably mean more used vehicle stock in the market, that will potentially put pressure on average prices and an early Easter in April will potentially compound this.’