NAMA’s latest report shows the average price for vehicles sold by its members outperformed initial market expectations.
However the NAMA – The National Association of Motor Auctions – report also concluded that the primary issues affecting the marketplace is falling conversion rates and increasing numbers of not-sold vehicles.
During April, average values of used cars sold at auction across the board improved from £5,875 to £6,075 – a three per cent increase. Much of this was due to a sizeable leap in the value of late year manufacturer/rental product which recorded nine per cent growth, says the report.
Values for fleet product underperformed the market average, with zero growth recorded, while dealer/PX fell by four per cent.
Year-on-year, the average price of cars at auction has decreased just under three per cent from £6,250 to £6,075.
The volume sectors of fleet and dealer/px recorded the biggest percentage falls in conversion rates between March and April at ten per cent and nine per cent respectively. Fleet sales have consistently recorded the lowest conversion percentages in 2011.