8:20 am, May 27, 2021
The average weekly value for used cars at BCA has topped £9,000 for the first time this year, the auctioneer has reported.
It said that thanks to record numbers of online bidders and despite concerns over stock shortage, entries overtook pre-pandemic levels and the value reached £9,084 during the week of April 12.
Used car values during the month as a whole were an average of £8,577.
BCA UK chief operating officer Stuart Pearson said: ‘It’s fair to say that the market has accelerated faster than many predicted.
‘The strong price performance in April shouldn’t really be surprising considering the volume of attractive, high-demand inventory we have on offer from the best vendors in the industry.
‘BCA has exclusively won and retained business representing in excess of 150,000 vehicles since the turn of the year.
‘This reflects our innovative and flexible approach to developing remarketing partnerships that really meet the needs of our customers.’
Source: BCA Valuations
The news comes as BCA faces legal action from its drivers in a row over pay and status.
Pearson added: ‘With around 7,000 vehicles being offered daily, huge crowds of virtual buyers are ensuring that there is no shortage of interest across the entire range of product on offer, with records tumbling daily.
‘Using technology, we’ve streamlined the process for new trade buyers to sign up and we’re seeing 10,000 buyers each week joining our sales.
‘Our sales continue to be exclusively online and provide incredible insight, allowing us to create the most effective sale offerings for both buyers and sellers.
‘The market in May has accelerated to a place that perhaps didn’t seem possible during the lockdown months and looks here to stay for some time.’
He said that in response to requests BCA was looking into opening extra selling venues as well as launching new sale initiatives over the coming weeks.
