Fleet & Lease sector up, according to BCA
According to the company's latest Pulse report, average Fleet & Lease values rose for the second month running, with £105 (1.4%) added to the average value in February.
Values increased from £7,259 to £7,364, while performance against CAP Clean improved for the third month running, rising by two points to 98.6%.
Year-on-year values remain ahead by £1,078, compared to the £1,500+ increase recorded last month – BCA expects this figure to fall sharply in the months ahead.
Looking at fleet and lease product by sector, the rise in value was across the board. Budget fleet values recorded a nominal £5 rise, improving to £3,535. Volume fleet product rose by £35 to £5,515 (0.6%) with premium fleet stock improving by £397 to £10,536 and recording the biggest percentage rise with a 3.7% increase.
The overall average value for cars sold in February was £5,959 - a month-on-month increase of £20 (0.3%) compared to January's figure of £5,939. CAP performance improved by one and half points to 98.87% in February.
BCA communications director Tony Gannon commented: 'Supply and demand remains well balanced in the used market, and February has been a much more typical month following the weather-affected start to the year. Fleets are the winners this month as values continue to show consistent growth, thanks to limited supplies and strong demand. It was a little surprising to see budget values stutter, but with supplies increasing substantially for the second month running, demand did well to keep up.'For more of the latest industry news, click here.