9:46 am, June 19, 2017
THE average price of used cars sold by dealers in May rose by six per cent to £21,056, while the value of part-exchange vehicles dropped by 3.4 per cent to £10,666, according to new figures released today.
The analysis of data from more than 500 dealers in May 2016 and May 2017 by lead management system business enquiryMAX also showed an increase in sales efficiency as the number of vehicles bought on the first day rose significantly from 16.4 per dealer to 19.3.
Used sales leapt in May with a 29 per cent increase in inquiries against the same month in 2016. The data showed an increase in orders for used vehicles of 19 per cent. The figures for used stock showed conversion rates of 33 per cent in May against 33.5 per cent in April.
Commenting on the trend, David Boyce, pictured, managing director at enquiryMAX, said: ‘Dealers had a strong month for used car sales in May. They are selling higher-value vehicles and moving the stock quicker than this time last year. As the new market looks tighter over the rest of 2017, used vehicles present a great opportunity to deliver profits.’
The company provides software and retail consultancy to more than 600 dealers in the UK, supporting individual dealerships, dealer groups and manufacturers.
MORE: Big year-on-year increase in demand for used cars, says enquiryMAX
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