Motor Finance highlights some of the key figures from the BCA, Manheim and the ONS.
BCA’s Pulse Report shows that average used car values returned to more typical levels in January, following on from the seasonally affected values recorded during December. The used car sector certainly started the year strongly, with competitive bidding across the board from high value prestige stock to older, higher mileage budget vehicles.
The weather had no impact on trading, with buyers switching to digital platforms if travel was difficult. In the second week of January, buyer demand rose significantly with the previous weekly sales record being smashed by over 10% as BCA sold 25,500 vehicles across the network with numerous centres around the 24 strong UK network reporting record trading.
Year-on-year, the headline value figure was up by £679 equivalent to a 7.8% improvement – reflecting both the richer mix of cars available at BCA over the past 12 months and the substantial levels of demand experienced this January.
Despite the sharp rise in volumes, supply and demand was well balanced and buyer activity was strong and confident. That said, the competition for the buyers’ wallet remains intense and BCA is launching a number of digital initiatives and service enhancements that will firmly put the customer at the heart of business activities over the coming months.
Car products sold unit market performance