Average used car values at BCA in August were more than £8,000 – the third month in a row they’ve exceeded the figure for the auctioneer.
It also said it sold a record number of vehicles online last month, with daily entries averaging more than 6,000 units and Wednesday, 19 August enjoying a record number of 7,400 vehicles in the sales programme – the highest number of vehicles BCA has ever offered in online sales in one day.
Demand for used cars continued strongly, it said, with a rising stock supply well matched by increasing demand from professional buyers.
Sold volumes continued to rise during the month – up by 3.9 per cent – while conversion rates stayed high, typically exceeding 85 per cent.
Stuart Pearson, BCA chief operating officer for UK remarketing, said: ‘The stable market conditions continued in August, and there was no let-up in activity as we approached the plate change on 1st September.
‘BCA has seen improving levels of supply reaching the marketplace throughout the period of the pandemic with well-matched demand for stock from our buyer base. The marketplace is operating very efficiently and this is good news for all professional operators in the used vehicle sector.’
He added: ‘Anecdotally, many dealers are telling us that their stock churn has improved significantly, with many holding lower volumes of stock but still selling as many vehicles as they might have expected pre-Covid-19.
‘We continue to enhance our online auction programme to meet the changing needs of our buyers in the post-Covid market, utilising the connectivity and efficiency across the BCA Group to provide more of the right vehicles to the marketplace at the right time.’
All of BCA’s sales are staying online for the time being.