Inaugural NAMA monthly report shows 2% value in auction values
The newly rebranded organisation, which is part of the Retail Motor Industry Federation (RMI), is increasing the work it does and is now publishing a monthly market report on auction sales, values and conversion rates.
The March report shows that values of used cars sold at auction fell from £6,000 to £5,875, equivalent to 2%, compared to the month before. Month-on-month auction sales increased by over 15% with the total number of cars sold in March being just under 94,000 units. Sales conversion rates moved upwards from 76% to 77% and the number of days a car was on site prior to it being sold reduced from 6.8 days to 6.5 days.
In comparison to March 2010 the average price of cars at auction has increased by a little less than 1% from £5,825 to £5,875. Conversion rates though have fallen by 3% since the same period 12 months ago.
Justin Lane, NAMA chairman, commented: 'The market has being showing signs of slowing down during March and this has continued into April. Demand for better condition smaller vehicles is still fairly healthy. However large engine prestige and upper medium class vehicles have seen declining values and slowing demand.'
He added: 'A particular concern lies with ex-fleet vehicles with high mileages. For sellers it will be important that they are realistic in their demands and set realistic reserve prices and understand that the best prices are usually obtained at the vehicles first entry into the auction.'For more of the latest industry news, click here.