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Used car buyers becoming more confident in online auctions

Online attendance was up by 24% year on year and bidders increased by 36 per cent during the same period.

Actual bids placed jumped by 46%, which the firm attributes to its interactive auctioneer-led bidding platform. The average “under the hammer” duration rose in January too, due to higher bidder numbers by seven seconds to 43 seconds, per lot.

Car supermarkets continue to be the strongest bidders, making some 38% of all purchases through the firm’s online auctions.

January’s auctions achieved an overall conversion rate of 87% and a total CAP clean of 101.3%

Star-performing vehicles include:

  • Zafira Tourer 2.0 CDTi SRI – 13/13 – 15K achieving 108.3% CAP Clean
  • Mini Cooper 1.6D – 09/59 – 57K – 115% CAP Clean 
  • Fiesta 1.6 Titanium 3dr – 11/11 – 28K – 113% CAP Clean
  • Qashqai 1.5DCI N-Tec – 10/60 – 57K – 116% CAP Clean
  • Laguna 1.8 16V Expression Est – 09/59 – 146K – 107% CAP Clean
  • Astra GTC 2.0 CDTI SRI Auto – 13/62 – 21K – 107% CAP Clean
  • Insignia 2.0 CDTI SRI VX-Line 5dr – 13/13 – 7K – 106% CAP Clean
  • RCZ GT THP 200 – 11/11 – 23K – 104% CAP Clean
  • C1 1.0 VT 3dr – 11/11 – 16K – 121% CAP Clean

Matt Dale, director of G3 Remarketing, commented: ‘These stats show that buyers are becoming more confident in buying stock from online auctions and see the benefits of the online platform, over a bricks and mortar auction.  We know buyers like the convenience and time saving features of bidding online from the comfort of their office, or while they are on the move.’

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Natalie Middleton

Natalie has worked as a fleet journalist for nearly 20 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.