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Used car market remains resilient

Dealers continue to focus on the strong used vehicle sector to balance lingering uncertainty in the new car market.

May's average sold price for both ex-fleet and part-exchange vehicles remained on par with April

May’s average sold price for both ex-fleet and part-exchange vehicles remained on par with April

So said Cox Automotive, parent firm of Manheim, as it warned that vehicle condition remains key with increased demand for ready-to-retail stock.

Having remained steady in April, the volume of vehicles sold through Manheim’s physical and online lanes increased in May, up 7.3%, with a clear growth in vehicles in the £10-40k price brackets (up 25.6% year on year).

The average sold price for both ex-fleet and part-exchange vehicles, remained on par with April (£6,649) and up 12.6% on May 2017 (£5,906).

Cox Automotive’s Philip Nothard, said: “Continuing the vigilance seen last month, dealers are still cautious in terms of condition, and have been more willing to wait to acquire quality vehicles in ready-to-retail condition, especially while volume coming through the lanes remains high. Their willingness to wait however, has resulted in many vendors selling for less than expected in order to shift stock.”

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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.