Vehicle values remained steady in a “buoyant” wholesale market in February, according to Cox Automotive.
It’s Manheim auction business recorded an average selling price of £6,131, up 0.5% month-on-month. Fleet car values increased by 4.9% month-on-month, while the average value for part-exchange vehicles fell by £300 to £4,082.
Figures from NextGear Capital paint a similar picture. The wholesale stock funding business recorded an average cost per unit of £7,568, down 1% month-on-month. Average mileage increased slightly to 62,482.
Dealer-Auction.com reported that the average selling price remained on par with January at £5,017. The trade-to-trade online auction platform also recorded an 8% year-on-year increase in average values, however this is likely to be the result of a change in stock mix.
Philip Nothard, Cox Automotive’s customer insight and strategy director, said: “The wholesale market remained buoyant in February, with strong buyer interest and good auction conversion rates.
“Interest in retail-ready vehicles remained high, and cars at Grade 1 and 2 regularly achieved the CAP Clean value. On the other side of the coin, vehicles in poor condition and those offered without a V5 attracted low levels of buyer interest.
“Vehicle condition could, in part, explain the price trends we’ve reported for fleet vehicles, which tend to be offered at a consistently high standard.”
“Looking ahead to March, vehicle condition and documentation will become more important as buyers look to achieve a quick return on their investment.”