Auction update from Andy Conde - 10th February 2016
There has been the slightest hint this week that things are changing. Whilst we are still seeing very strong conversion rates across the group, the amount of buyers and bidders have eased with even the bigger buyers not as active.
Last week vendors are paying more for part exchange vehicles, hoping the auctions can bail them out and this is still the case with several buyers running bidders out within £100 of reserve and on the odd occasion within £50.
Refurbishment will be essential to achieving the best possible price. A section of buyers will extend their buying range by bidding on higher mileage vehicles that require work, while the bigger retailers will continue to simply buy it, clean it and sell it!
We are seeing an increase of new buyers and the return of lapsed buyers more than ever before and this is testimony to the great work by our buyer services team. It shows that we have a great selection of vehicles on offer, which is a credit to our sales teams, not just the run of the mill models with little specification and unattractive colours but we have that something different that buyers will follow.
It’s key that we retain these new and lapsed buyers as we will certainly need them when supply increases and the demand begins to ease.