12:29 pm, November 3, 2020
CAP HPI will continue to adjust used car values during the second lockdown, the firm has revealed.
Head of valuations Derren Martin confirmed in a LinkedIn post today that the valuations provider will continue to carefully monitor the situation.
Martin – who will be talking to Car Dealer exclusively this afternoon in a video interview about used car values (which will be posted later) – said prices would be moved ‘responsibility’ during the shutdown.
He said: ‘We’re being asked A LOT about whether we will be moving values during the lockdown that starts on Thursday.
‘We didn’t move values in April and part of May due to scarcity of sold data and our responsible approach to not affect automotive businesses bottom line.’
However Martin said that this time around car dealers are better set up for selling remotely when their showrooms are closed and this means it will be a different picture on valuations.
He said: ‘Cars and vans are still selling both in the trade and retail. Retail and wholesale businesses are better established to sell online this time around and we don’t expect volumes to reduce significantly.
‘Let’s keep the industry open, in a safe environment.
‘We will therefore continue to move used values responsibly, based on trade sales data and retail advert evidence.
‘In the unlikely event that sold volumes decline significantly, we can review this decision at any time.’
Martin will be speaking to Car Dealer this afternoon and our video interview will be posted asap.
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