Fleet values boost wholesale used car prices in February
The firm's latest data shows that average fleet sector values jumped 4.4% (£270) to £6,394 last month compared with January 2011.
Examples of increases in values for the Fleet sector in February include Small Hatchbacks up 2.9% (£128) to £4,458, Medium Family vehicles up 4.0% (£222) to £5,749, Large Family up 2.2% (£109) to £4,957, Compact Executives up 4.9% (£413) to £8,810 and Executives up by 6.5% (£674) to £11,042.
Notable examples of decreases in average values in February in the Fleet sector include Superminis down 6.3% (£235) to £3,487, Mini MPVs down 3.1% (£151) to £4,744 and MPVs down 6.0% (£423) to £6,605.
The rise in Fleet values helped counteract decreases in both Dealer part-exchange prices and Manufacturer stock values last month, leading to a 2.0% (£137) rise in overall average wholesale used car values to £6,984 in February compared to the previous month.
However, when compared with February 2010, with average age up by two months to 52 months and mileage up by 5,079 miles to 54,699 miles, average wholesale used car values are down by 3.1% (£224).
Mike Pilkington, managing director, Manheim Remarketing said: 'The positive start to 2011 has continued into February with high attendances both online and in the auction halls and is a reflection of the traditional levels of high demand at this time of year as well as the inherent stability in the market. The average age and mileage of Fleet vehicles has reached the highest ever level reported in Market Analysis and with the trend likely to continue, the shortage of three-year-old Fleet stock with reasonable miles should keep prices healthy.'