Market Tracker - June
Accurate appraisals are key following drop in used car values.
Stock availability in the wholesale market continued to improve in June, according to results released today by Cox Automotive.
Fleet volumes at Manheim increased significantly MoM, and in turn, the average price for fleet and part-exchange vehicles fell by 4.5% and 1.8% respectively.
Dealer Auction, the trade-to-trade online auction platform, also saw the overall average price fall MoM, down 3.3% to £4,476, although average performance against cap hpi value improved by 0.5%. The business continued on its impressive growth trajectory, recording a 30% year-on-year increase in the number of vehicles listed on the platform in June.
Philip Nothard, Customer Insight and Strategy Director, said: “For the last 18 months and more we’ve seen a strong used car market with tough competition for vehicles. As a result, some dealers have been lulled into a false sense of security when valuing part-exchange vehicles.”
“With fleet volumes gradually increasing, and softer levels of demand, dealers can no longer rely on competition in the hall to off-set missed damage. With that in mind, we recommend that retailers review appraisal training for their sales team to make sure they offer fair and realistic values for part-exchange vehicles.”
Stock availability in the wholesale market continued to improve in June, according to results released today by Cox Automotive.
Fleet volumes at Manheim increased significantly MoM, and in turn, the average price for fleet and part-exchange vehicles fell by 4.5% and 1.8% respectively.
Dealer Auction, the trade-to-trade online auction platform, also saw the overall average price fall MoM, down 3.3% to £4,476, although average performance against cap hpi value improved by 0.5%. The business continued on its impressive growth trajectory, recording a 30% year-on-year increase in the number of vehicles listed on the platform in June.
Philip Nothard, Customer Insight and Strategy Director, said: “For the last 18 months and more we’ve seen a strong used car market with tough competition for vehicles. As a result, some dealers have been lulled into a false sense of security when valuing part-exchange vehicles.”
“With fleet volumes gradually increasing, and softer levels of demand, dealers can no longer rely on competition in the hall to off-set missed damage. With that in mind, we recommend that retailers review appraisal training for their sales team to make sure they offer fair and realistic values for part-exchange vehicles.”
The average price for Alternative Fuel Vehicles continued to rise in June, while values for both diesel and petrol vehicles were down year-on-year.
