Average used car values at BCA rose for the second month running as trading got off to a solid start in 2021, despite the UK being in the midst of its third lockdown. BCA reported high levels of activity and improving average values across its digital sales programme, with record numbers of buyers joining sales virtually.
Average used car values improved by £154 (1.9%) to £8,464 at BCA during January, the third highest monthly average value recorded since the onset of the pandemic.
BCA COO UK Remarketing Stuart Pearson commented “While it hasn’t been the January that most in the industry would have hoped for, performance has been solid across most sectors and BCA has seen record numbers of buyers joining our online sales.”
“We’ve seen particularly strength in the Dealer Part-Exchange and Top Car sectors, which echoes back to the buying trends we reported on during the first Lockdown. However, the difference in the current Lockdown is the sheer volume of buyers who are trading safely and in line with Government legislation.”
“The restrictions imposed by the third Lockdown have inevitably impacted retail demand. However, as long as sellers follow the remarketing basics, there is a ready audience of buyers for the widest range of stock. It’s not the frenzy that we would usually see at this time of year, but supply and demand are well balanced and there is a level of pragmatism in the market that is keeping the wheels turning.”
He added “There continues to be an important role for pre-sale preparation and appropriate refurbishment to generate additional value as buyers continue to focus on stock that can be turned quickly.“
Pearson concluded “All things considered, the market has been remarkably stable and BCA’s Decision Intelligence team are keeping abreast of the current evolving picture in the wholesale sector. We are working closely with our sellers to ensure their pricing strategies are realistic and in tune with market sentiment.”
(* Source: BCA Valuations)
*Article Source www.harrisonsadler.co.uk