Based on forecourt stocking interest rates rising in 2023 and with used prices falling sharply in the wholesale market dealer groups have introduced major buying restrictions or total bans. These have all contributed to a fall in conversion rates at auction just as used car volumes are starting to rise.
With pent-up demand from the first UK lockdown and consumers buying to avoid public transport both now declining, trade buyers are wary of paying previous high prices for cars that may now sit on their forecourts for longer and will potentially need to be reduced. This has led to a decline in trade prices across the board.
Significant achievement follows this year’s charity auctions – integrated within car and commercial vehicle sales – which saw the independent auction house raise £25,000 for the children’s charity.
