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Fleet/lease values reach record high in September, BCA reports

Continued used car demand helped push fleet/lease values to a record level in September, according to BCA’s latest data.

Used cars at wholesale auction

BCA reported a busy September in the used markets as values rose to record levels

The Pulse report for last month shows fleet/lease values increased by 1.3% to reach £10,017, the highest point on record.  Retained value against original MRP (Manufacturers Retail Price) improved to 42.65 in September from 41.7% in August.  Year-on year-values were up by £317 (3.2%), with age falling by one month and mileage down by 3,000.

The headline average value of a used car also set a new record value for the third month running; up by £34 to £8,376. Year-on-year, the headline figure was up by £674, equivalent to an 8.7% increase in average values.

Simon Henstock, BCA chief operating officer UK remarketing, commented: “September saw demand keeping pace with supply, with both the auction halls and online channels being very busy.  Sale conversion rates were high, typically exceeding 80% during September, meaning there was good churn in the marketplace.”

“However, by mid-October our dealer customers were anecdotally saying that retail demand was softening and that will inevitably impact the wholesale sector.  Professional buyers will inevitably become more choosy, cherry-picking the best presented and most attractive cars.  It is critical to appraise and value vehicles appropriately and in line with condition, and invest in the appropriate level of preparation to attract the buyers’ attention where necessary.”

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Natalie Middleton

Natalie has worked as a fleet journalist for 16 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day. As Business Editor, Natalie ensures the group websites and newsletters are updated with the latest news.