Car Dealer Power

Cap HPI – Used Car Valuations 2024

  • Highly commended: Auto Trader
  • Highly commended: MotorCheck

Time 6:11 pm, July 3, 2024

Used cars are always a hot topic but never more so than in the past few years. And with more used EVs, the subject is top of dealers’ minds.

That’s why getting the right data that is accurate, up to date and can be relied upon is absolutely crucial for dealers big and small.

Serial winner Cap HPI, which also scooped the Provenance Checks trophy, is hugely respected by dealers for its definitive analysis on used car pricing, so it’s little wonder that it triumphed once again in this category, and director of valuations Derren Martin was delighted by the news.

‘It’s fantastic to have won the award! It’s voted for by our customers, so is a great testament to my team and the accuracy of their evaluations.

‘I’m really, really pleased to have won it again.’

He added: ‘It’s a fantastic accolade for all their hard work. We have a team of editors that produce the valuations. We don’t use algorithms. We use a very powerful system and lots of eyes on those valuations.’

Martin attributed its supremacy in this category to a number of factors.

‘I think the main thing is our accuracy. We have a duty to provide accurate valuations for the industry.

‘I also think it’s the transparency – we hold industry webinars, we speak to lots of customers, we explain what we do and why we do it. And we’re always on hand to answer any queries.’

Reflecting on 2023, Martin said it had been very strong but also challenging, courtesy of used car prices sinking.

‘It’s been a really strong year. From a valuation perspective it’s been challenging, particularly the last three months of 2023 when valuations dropped by over 10%.

‘It makes the role very challenging when values are moving very quickly. But overall, with the amount of data we receive and the attention to detail that we’ve got, it’s been another exciting year for us.’

He added: ‘The electric vehicle side of things just makes it absolutely fascinating, with what’s been happening with those valuations!’

Looking ahead, Martin said he hoped the next year would be less volatile in terms of pricing, adding: ‘We’re not expecting to see the same dip away in the final quarter.

‘There’s a shortage of vehicles out there from the semiconductor and Covid-related issues on the new car registration side, so we’re hoping that there will be a strong used car market for the next year and there’s no reason to expect otherwise.’

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Car Dealer has been covering the motor trade since 2008 as both a print and digital publication. In 2020 the title went fully digital and now provides daily motoring updates on this website for the car industry. A digital magazine is published once a month.

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