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August year on year new and used sales volumes were boosted as dealers moved to clear non WLTP-compliant stock ahead of the 68 registration plate change, according to the September Glass’s Monthly Market Report.
Glass’s chief car editor Jayson Whittington said there was a 23.2 per cent jump in car registrations last month compared to August 2017, which he attributed to pre-registering cars that fell outside WLTP requirements ahead of September 1st. Stock was also moved thanks to the motor trade offering what Whittington described as “some very good retail deals to generate sales,” helping to create a 23.3 per cent sales surge last month, and contributing to a reduction of the year to date registration deficit by 4 per cent.
The large monthly declines in diesel sales slowed in August with a 7.7 per cent drop. By contrast demand for petrol models was just under 40 per cent. Plug in hybrids and pure electrics took 8 per cent of the market, an 88.7 percent increase on August 2017.
Glass’s also reported a busy used wholesale market over this period. For the first time the auction conversion rate increased from July’s figure of 77 per cent to 81 per cent the following month. Glass’s is predicting a fresh injection of auction stock later this month and is anticipating strong hammer prices and conversion rates throughout September.
With the exception of March when a VED duty increase depressed demand, monthly auction stock levels are around 5.5 per cent higher this year, with first time conversion rates now averaging 80 per cent.