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The National Association of Motor Auctions (NAMA) has revealed the strength and stability across various segments of the market.
Overall, pricing and demand are considered healthy with sectors such as the wholesale car sector proving to be stable and retail sale values showing an increase when compared with February despite a lag between retail and trade prices.
Paul Hill, NAMA spokesperson, said: “The auction market overall is very strong with prices achieved and conversion rates showing very healthy levels of demand with the ability to absorb supply.
“The outlook remains positive with a note of caution regarding a change in market conditions at Easter.”
Mixed performance characterises the market as segments such as Land Rover Range Rover are impacted by customer insurance concerns while the Tesla Model 3 is the fastest-selling car.
Other reasons behind mixed performance include newer vehicle models being favoured over older vehicle models.
Within the LCV market, encouraging interest in used EVs is proving to be an obstacle.
Hill concluded: “NAMA participants echoed a sentiment of optimism, emphasising the importance of maintaining a symbiotic relationship between vendors and buyers to sustain the market’s current momentum.”
This would involve correct vehicle descriptions and all options listed, a fresh MOT if less than six months remain, V5 and service history present when sold and tactical refurbishment.
Clean vehicles with history and a full documentation pack will sell faster while also providing a higher return versus guide price.