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Used car values rise at BCA in December with records broken in Christmas week

Used car values rise at BCA in December with records broken in Christmas week

Average used car values at BCA rose by over 4 per cent during December 2020 with steady trading and good levels of demand during the month. BCA reported record levels of activity between Christmas and New Year as the company staged an enhanced programme of online auctions and Bid Now, Buy Now sales.

Average used car values improved by £324 (4.1%) to £8,310 at BCA during December, the highest monthly average value recorded since September 2020. There was a notable uptick in demand as lockdown restrictions were eased ahead of the Christmas period with sold volumes rising month-on-month.

Buyer engagement remained strong during December with over 5,000 bidders logging in most sale days across the BCA online sales programme. BCA saw online sales volumes more than double during the week between Christmas and New Year compared to the previous year as the company staged an extensive programme of online and Bid Now/Buy Now sales over the festive period.

Online auctions were held on four days between Christmas and January 2, 2021 and a range of fresh-to-the-market stock was available 24/7 over the Festive period via BCA Buy Now. Nearly 2,300 individual buyers purchased vehicles during the festive period.

BCA COO UK Remarketing Stuart Pearson commented “The year ended strongly with average used car values rising and strong demand from buyers into the festive period. 2020 was extremely challenging for everybody and, thanks to the close working partnership between our people, our customers and suppliers, we were able to move forward together and finish the year in a significantly better place than might have been expected.”

Pearson added “The market early in January 2021 has been surprisingly resilient considering that we’re in the thick of a third lockdown. Prices remain stable across most sectors which suggests supply and demand are well balanced and the used vehicle sector is adapting to the fast moving trading conditions. A recent survey of our professional buyers suggests that the vast majority of dealers are using ‘click and collect’ and ‘home deliveries’ to meet the needs of their retail customers, ensuring that demand is maintained in the wholesale sector.”

He concluded “BCA were the first remarketing company to hold exclusively online auction events and we now have 29 eauction suites allowing us to deliver multiple parallel sales, 6 days a week. This is a huge achievement, delivered at record speed and accuracy, and we continue to move and evolve with the market and customers’ needs – we recently added ‘Click and Collect’ functionality to the Buyer App, for example. We continue to conduct business exclusively online, ensuring our customers can operate safely and within the frequently changing government guidelines.”

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