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NAMA comments: demand in used car market remains strong in Q3

NAMA comments: demand in used car market remains strong in Q3
“NAMA is pleased to see that the overall used car market has continued to remain strong in Q3 with the market up 0.9%”, said Louise Wallis, Head of The National Association of Motor Auctions (NAMA) commenting on the SMMT’s used car figures released this week

There were a total of 18,925 more used transactions between July and September compared to the same period last year, with July being the busiest month in terms of volume.

Growth in the market came through sales of hybrid and plug-in hybrids, which rose 13.0% so far in the year to 37,589 units. Earlier this year NAMA reported that we expect to see more plug-in hybrids and BEVs going through auctions in 2019, increasing supply and starting to normalise their price behaviour. Demand for diesel models was up 1.4% in the quarter with 858,442 changing hands, while petrol sales were -0.2% down.

Wallis continued, “Overall vehicle auctions are responding well to the market, however there are growing reports from dealers that it is becoming more difficult to source good quality cars at auction.

“The consequence is strengthening conversion rates and a positive impact on vehicle values.  In the alternative fuel car market, a shortage of new vehicles to sell is making used vehicles attractive for those who are unable to wait, and again this is helping support values and conversion rates.

"Even with the considerable political uncertainty of the General Election and Brexit, the wholesales market is showing a good level of resilience. We expect to see a strong used car market in the final months of 2019.”

*Article Source https://www.rmif.co.uk/