Auction update from Andy Conde - 2nd February 2016
We witnessed something of a second wind during the last week of January, changing perceptions for both buyers and vendors who were unsure whether to stick or twist but the demand for stock is once again strong.
Despite the bad press Volkswagen have received of late, Tuesday saw a phenomenal sale in Bruntingthorpe with a 98% conversion of all VW brands with prices very strong, many well over cap clean.
Elsewhere we have seen many auctions achieving in excess of 90% conversion.
I was auctioneering in Manchester on Thursday and it was one of the busiest sales for buyers and bids that I have had the pleasure conducting for a long time. When an entry of over 300 cars saw a conversion very close to the magic 90% mark.
There is plenty of repetitive stock around, especially specific models such as two year old Fiesta’s, but the markets are holding up well and buyers keen to buy. Vendors are being very responsive to bids and are keen to do business at every opportunity without damaging the residual values.
I mentioned last week about the importance of provisonals and its good to see more auctions trading provisonals on the auction hall floors while the sales is in progress, which is the way forward.
As we head into February, there appears to be no let-up in the demand.
