BCA’s latest Pulse report has revealed that August used car values have increased for the tenth consecutive month. In August average values rose 3 percent from July to £6,223. This represents a record high despite what is traditionally a quiet summer month in the trade.
“Year-on-year values are now £1,458, or 30.6 per cent, ahead of August 2008, reflecting how far values fell last year and how significantly they have recovered in 2009,” said Tony Gannon, BCA’s communications director.
“Stock levels remain relatively low, and this has had an effect when combined with the continuing demand. The vast majority of vehicles being offered are sold first time and conversion rates remain exceptionally high,” he said.
According to BCA, performance against Cap (trade guide) continued to average over 100 per cent of “Clean” values for all stock, which it said suggested that demand is continuing to outstrip supply in the wholesale market.
Source: Motor Trader