NAMA reports steady demand

The National Association of Motor Auctions (NAMA) has reported that the UK market is holding steady and expected to remain robust for the rest of the year.

It reported that values are 0.5% down on this time last year, having fallen six per cent in the last three months alone.

On a granular level, demand for high-value cars has been impacted by the cost-of-living crisis, but the light commercial market is holding firm. Values have also been falling for electric vehicles and further reductions are anticipated in the final quarter of the year.

Paul Hill, NAMA spokesman, said: “NAMA members are reporting that the market is steady, and there is strong optimism that this will be maintained for the remainder of the year. There have been cases of seasonal trends and overall auction members have been particularly pleased with the busy summer.”

“Trading is predominantly steady even though the market has dropped six per cent in the last few months. Historically, this would have been a cause for concern among members, but the consensus is that these trends are to be expected and suggests that the market is in a transition of realignment.”