Auction performance dependent on condition and mix of stock, reports Glass’s
Jayson Whittington, chief car editor at Glass’s, added that fleet and manufacturer sales containing smaller and more price range stock however were a completely different entity, with much more interest and reasonable conversion rates. This was clearly down to the type of stock on offer and not an issue with auction attendance on the day, as some of these sales were conducted back to back in the same hall. In addition, older cars, typically dealer group part exchanges, saw extremely active auction halls with strong conversion performances throughout the day.
Whittington added that recent feedback on the retail market from used dealers has indicated that demand in general is down on this time last year, which will likely be the main driver behind current acquisition levels.
“It is expected that wholesale activity will continue to weaken over the coming weeks with supply considerably outstripping demand. Vendors will be conscious that their first bid is normally the best and are likely to maximise every opportunity of converting a sale in order to keep stock moving, which is key at this time of the year. Retail activity is expected to continue being lack-lustre over the coming weeks as we approach the notoriously unpredictable holiday season,” he concluded.