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Used car values dipped at BCA in November but lockdown failed to stop steady trading

Time 11 months ago

November saw average used car values dip slightly but they held up well as England went into a second lockdown, says BCA.

The restrictions didn’t stop steady trading and good levels of demand it added, with conversion levels increasing towards the end of the month.

Average used car values moved down by £166 (two per cent) to £7,986, which BCA said was a much different picture versus the first lockdown and stayed ahead of 2019 by 3.5 per cent.


Buyer engagement kept strong, with more than 5,000 bidders logging in on most sale days across the programme.

Average daily sale entry stayed at around 5,000 units and there was increasing interest in the evening sales, with buyer numbers climbing for the twice-weekly events to average around 600 per sale.

Stuart Pearson, BCA chief operating officer for UK remarketing, said: ‘We suggested last month that the onset of Lockdown 2.0 could cause some short-term volatility and the early days of November reflected this.

‘However, BCA continued to conduct business safely and within the government guidelines, and average used car values and volumes held up well during November.’


Source: BCA

He added ‘The wider used vehicle sector was significantly better prepared for the second lockdown than the first, and customers felt confident to bid strongly for the right stock.

‘BCA’s extensive online-only programme, along with the new products and services delivered over the last eight months, continued to drive efficiencies to support our customers.

‘The used car sector has shown a resilience and strength in depth throughout the period of the pandemic that sees it finish the year in significantly better shape than many expected.

‘While this may have surprised those operating outside of the automotive industry, it highlights the entrepreneurial spirit, agility and relentless drive that keeps the used car sector constantly moving forwards.’

 

John Bowman's avatar

John has been with Car Dealer since 2013 after spending 25 years in the newspaper industry as a reporter then a sub-editor/assistant chief sub-editor on regional and national titles. John is chief sub-editor in the editorial department, working on Car Dealer, as well as handling social media.

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