Demand grows for newer models on Dealer Auction platform
Analysis of data from the Dealer Auction platform have revealed a growing consumer appetite for newer models.
It found that the average age of vehicles sold in second quarter fell from 8.7 years old in the first quarter to 7.8 years in the second quarter.
Meanwhile, average mileage of sold vehicles was recorded at 62,281 during the three-month period.
Premium models dominated the retail margin chart, with the Land Rover Discovery Sport achieving a gross margin of £3,914, followed by the Range Rover Evoque (£3,456) and Volvo XC60 (£2,752).
Dealer alerts
This comes after Dealer Auction reported it sent out 5.7 million alerts to dealers of potential matches from 1 April to 30 June, which marked a 78% increase on the first three months of the year.
The platform also hosted 40,839 auctions during the period, a rise of 41% on the first quarter, with 223,551 total bids placed and average selling prices up 10% to £6,705.
Kieran TeeBoon, Dealer Auction’s Marketplace director, said: “Our digital experience is immediate and dynamic, meaning dealers can snap up the used car stock they need right now. Quarter two’s numbers show that our stock is receiving an overwhelming response from buyers. We also know that speed to sale is also a crucial part of any remarketing strategy, helping sellers get cash back in the bank quicker.”
