Strong levels of demand in the wholesale market continue to drive average used car prices to new heights, as BCA reported record values for the second consecutive month supported by sale conversion rates reaching historically high levels for the time of year.
The average used car sold for £9,513 at BCA in July, a £330 (3.6%) increase over June’s average figure – itself a record value at the time – and nearly £1,000 (11.7%) ahead of the same month in 2020.
It is the second consecutive month that average used car values have risen above £9,000 and sold values continue to outperform guide price expectations, despite some significant adjustments being made by guide publishers into July.
BCA offers around 6,000 vehicles on average daily and has seen up to 10,000 buyers typically logging on via bca.co.uk or the BCA Buyer app to bid for stock.
Stuart Pearson COO BCA UK commented “BCA sales continue to remain exclusively online, giving our customers the easiest access to the widest choice of stock in the wholesale market with thousands of vehicles available to purchase daily. We’ve continued to see record numbers of customers logging in and buying online and average values continuing to outstrip market expectations by a significant margin.”
He added “To satisfy the increased demand, we’ve continued to enhance and expand our online selling programme by creating feature sales for the stock that customers are most interested in. Saturday sales at BCA now offer a much greater volume of stock, and, after a very successful launch event, we will be staging Sunday sales as a regular event in our sales programme from September onwards.”
Pearson concluded “There is an expectation that new car supply is likely to remain constrained for some time, which suggests that used car demand will continue to drive values up for some months yet. BCA remains committed to providing our customers with the greatest choice of the best used stock in the market, via the most efficient and user friendly online buying process possible.”
(* Source: BCA Valuations)
*Article Source www.harrisonsadler.com