Cox Automotive, who operate the Manheim, Dealer Auction, Movex, RMS, NextGear Capital, and Motors.co.uk brands, have reported “a marked increase in sales volumes” across its wholesale and retail businesses in August 2017.
Manheim’s physical and online car auctions saw a volume increase of 6.9% in August compared to July. The volumes were up 7.1% on the August 2016.The average vehicle mileage remained static, within 0.5% of the previous month, while the average overall sold price of vehicles fell slightly by 1.2% to £6,241. Manheim saw an 8.1% increase in ex-fleet vehicles coming to auction, a significant 26.2% increase compared to August 2016. Part-exchange sales volumes were up by 6.1%, although the average sold price fell 3.5% to £3,760, signalling a slight shift to vehicles of lower value coming through the lanes.
Cox’s trade-to-trade online auction platform, Dealer Auction, saw average vehicle volumes increase, up 12.2% year on year. The group’s retail business, Motors.co.uk, reported a 1.5% increase in average values, from £13,557 in July, to £13,764 in August. The figure represents a 13.7% increase from the same period in 2016, reflecting a change in the types of vehicles sold year on year.
The wholesale stock funding business, NextGear Capital, remained static in August in terms of the number of units funded, with the average cost of units funded down 1.3% from the previous month.
Daren Wiseman, Head of Valuations at Cox Automotive UK commented, “Sectors have once again remained strong and stable throughout August, driven primarily by steady demand matching steady vehicle supply.
“As we move through September, the first of the 67’ plated cars have taken to the roads, although the days of consumers rushing into the showroom to collect their shiny new vehicle on the first day of the new plate are gone.
“We do, however, anticipate a potential increase in volumes of vehicles into our various remarketing channels, especially during the 3rd and 4th weeks of the month, supported by the steady flow of new vehicles off the production lines and longer lead times for new vehicle orders.”
Daren also says the change in the seasons will bring a shift, “In addition, as the colder, wetter weather draws in over the coming weeks and months, we expect to see 4×4 values performing better than they have through the summer months.”
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