Used car dealers will find the used car market “challenging” in November due to seasonal factors and lower retail sales. That’s the view of the National Association of Motor Auctions (NAMA) chairman Paul Hill who said retail activity in October was down.
“By the start of November the number buyers in the used market seemed to have increased slightly although footfall now remains lower than it was at the beginning of October,” he said.
“As a direct result of lower retail sales, trade demand is also running at a reduced level.
“This is significant because it is the first time for a couple of years that vendors have found themselves in what is rapidly becoming a buyers market.
Nama said the volume of vehicles sold first time at auction has dropped 4 percentage points from September 2014 to 80% in October 2014 signifying a more challenging market and possibly an increase in the volume of stock on offer. This is also 3% below the 83% recorded in October 2013. Nama said the price premium of vehicles sold first time round has dropped “significantly” to £250. This is £100 less than September 2014.
No comments:
Post a Comment