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Activity on Dealer Auction during Q2 demonstrated a further quarter of fast-moving and decisive action from used car dealers.
The latest data from the marketplace shows dealers placed almost 230,000 bids on stock in the three-month April to June period, and over 34,000 auctions ended, a rise of 1.8% on the previous quarter.
Comparing the first half of this year with the last six months of 2023, the volume of auctions ending has risen 5% while the number of bids is up 12%.
Kieran TeeBoon, Dealer Auction’s Marketplace Director comments: “The hunger for stock we reported at the end of Q1 remains palpable.
“We’ve again witnessed a frenzy of trade-to-trade activity with more stock listed and days to sell hovering at the 4.2 days mark.
“The average vehicle profile continues to be older and with more miles than this time last year, a continuing indicator of the scarcity of younger models in the market.
“Although the average sold price dropped marginally from £6,570 in Q1 to £6,089 this quarter and their CAP clean performance eased slightly, their combined retail value was almost £130 million, a marked increase on Q1.