British Car Auctions has reported that average used car values rose by £247 (2.7%) to £9,364 – a record value in October 2017.
The remarketing firm recorded year-on-year growth in average values of £773 - equivalent to an 8.9%.BCA say the month was characterized by strong trading as volumes at auction remained high. Average values for fleet & lease cars were at record levels for the third month running. Values rose by £78 (0.7%) to £10,856 with retained value against original MRP (Manufacturers Retail Price) falling slightly to 43.16%.
Year-on-year values were up by £620 (6.0%), as both average age and mileage continued to reduce.Average dealer part-exchange values were the second highest on record, falling by just £17 to £4,740 in October, down from the record level seen in September. Year-on-year values were ahead by £96 (a 2.0% increase), with average age and mileage little changed over the period.
Stuart Pearson BCA MD UK Remarketing commented, “October was another busy month at BCA with plenty of competition from professional buyers across the range of stock on offer. We experienced good levels of demand from buyers, with just the usual seasonal distraction of the half-term holidays towards the end of the month. Online trading was strong throughout, with BCA reporting record traffic for Live Online in the first week of October and sales penetration rising to 28% across the board, a year-on-year increase of four percentage points.”
He added “As we approach the end of 2017, many dealers will often start to build stock levels in readiness for the typically busy first quarter of the New Year. BCA is anticipating a healthy supply from all sectors throughout December and has a busy program that will keep stock churning for our vendors and buyer interest fuelled.”