8:57 am, November 11, 2020
Average used car values remained strong in October, according to BCA, although they did drop slightly from September.
BCA reports average values of £8,152, while conversion rates remained high and typically exceeded 80 per cent, despite it normally seeing a drop off in demand in October.
It added the lockdown announcement came too late in the month to affect sales.
The auction house has announced it won’t be making any changes to its sales in response to the second lockdown, and said that it had continued to see more than than 5,000 bidders logging in on most sale days last month.
It had added twice-weekly online evening sales on Mondays and Thursday in October and saw sold volumes have continue to rise in the instant purchase BCA Buy Now platform.
BCA COO UK for remarketing Stuart Pearson said: ‘October is typically the time of year when we start to see a shift in demand, and there was a feeling throughout the month that trading was moving towards a more seasonal pattern.
‘After the pent-up demand seen over the previous five months, it was not unexpected to see the market start to gravitate towards more seasonal behaviour. However with the onset of Lockdown 2.0, we could see some short-term volatility and would strongly encourage our customers to use the most up to date decision intelligence as the market moves over coming weeks.’
He added: ‘BCA remains committed to creating the most efficient marketplace for our customers and will continue with our program of delivering innovation to support the wholesale buying process along with the widest choice of vehicles and buying channels available.
‘Our Click and Collect service is now supporting over 10,000 bookings each week and our logistics division remains fully operational to support both buyers and sellers throughout the lockdown period.’
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