British Car Auctions has confirmed that average used car values rose by £33 (0.3%) in September. The average value rose to £9,117 during the month, a new record at BCA.
Year-on-year, the headline figure was up by £74, an 8.1% increase in average values over 2016. BCA saw volumes up during the month, with inventory levels reaching record levels by late September and early October. The average age and mileage profile of vehicles sold at BCA continues to fall and this is also impacting positively on average price performance. BCA achieved record average monthly values for fleet & lease and dealer part-exchange cars, while nearly-new values reached their highest point this year.S
tuart Pearson BCA MD UK Remarketing commented “September brought a lot of footfall into our 24 auction centres around the UK and increasing volumes of online buying activity via BCA Live Online. Volume built steadily during the month and buyer demand often outstripped supply as conversion rates rose to 90%-plus. Demand was across the board, but notably interest was exceptionally high for vehicles in ready to retail condition. The higher value luxury, prestige and sportscar end of the market has also performed very well, with sales at BCA Nottingham and Blackbushe attracting big crowds and selling some notable vehicles.”
He added “We expect this buoyant used car market to continue into October as the major volume buyers continue to be very active. BCA continues to win and retain business and we are delighted that Steven Eagell Group and Swansway Group have announced remarketing deals with BCA in recent weeks.”
Average values in the fleet and lease sector rose by £244 (2.3%) in September to £10,778, a record level the remarketer. Retained value against original MRP (Manufacturers Retail Price) improved to 43.32% from 42.70% in August, whilst year-on-year values were up by a significant £761 (7.5%), as both average age and mileage continued to reduce.
Part-exchange values rose by £82 (1.7%) in September, to £4,757. Year-on-year values were ahead by £204 (a 4.4% increase), while average age and mileage are little changed over the period. Values for nearly-new vehicle values improved during September, rising by £469 to £19,225. Model mix has a significant effect in this low volume sector.
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