“Overall, the used car market is in a strong position heading towards the tail end of the year. Whilst the lack of new car registrations in the past two and a half years has stemmed the supply of used cars for forecourts, values reaching record heights has balanced this out. NAMA Members are reporting stable trading, and that the market is in a good position”, said Paul Hill National Association of Motor Auctions (NAMA) spokesman, after a meeting was held earlier this week with key industry figureheads to discuss current industry issues.
Formula 1 together with RM Sotheby’s have announced a very special, single lot auction of the 2010 McLaren Mercedes MP4-25A Formula 1 Race Car, (estimate: $5m-$7m) to take place at the Formula 1 Pirelli British Grand Prix 2021. The auction will take place on the Saturday afternoon of the race weekend, immediately prior to the first-ever Sprint Qualifying Race. In keeping with the series of firsts, this sale marks the first time any Lewis Hamilton F1 Race Car, let alone a Grand Prix winning car has ever been offered for public sale.
Motor auctions members of the National Association of Motor Auctions (NAMA) have told their trade body that during the lockdowns announced on Monday 4 January for England and Scotland online auctions will continue despite the closure of non-essential retail.
Auction houses continue to experience strong vehicle values, even with increased volume supply, according to the National Association of Motor Auctions (NAMA). In response to the latest NAMA survey, 40 per cent of auctioneers who responded said they expect auction volumes for cars to increase, with a further 50 per cent expecting them to remain the same. This increase is in part down to September part-exchange cars making their way to auction.
Much has been written about the economic effects of the Covid-19 pandemic and the subsequent lockdown and it is fair to say that, in general, these effects are perceived as negative. However, not everyone are wringing their hands and moaning about how awful it all is – auction houses have been reporting a strong market in used vans during the month of September, with demand exceeding supply, thus pushing up used van values past last year’s levels.
If you’ve got a bit of spare cash laying around and some free time in early September, you might like to look in on auction house Gooding & Company’s ‘Passion of a Lifetime’ auction, being held as part of the Concours of Elegance event at Hampton Court Palace on 5 September.
Diesel used car prices rise by 31.3 per cent as demand for older vehicles in the used car market outstrips supply. Vehicle auction group Aston Barclay says it recorded its highest ever used car prices in Q2 as demand exceeded supply during and after lockdown. During Q2 older used cars were the most in demand with stock between 55-78 months rising by 20.6 per cent and stock between 79 and 126 months rising by 13.1 per cent. Diesel used cars rose by 31.3 per cent, which was an all-time high at Aston Barclay.
Following the government closure of auctions due to the ongoing coronavirus outbreak, NAMA has looked at ways in which its members can maintain operations and continue to sell vehicles to customers safely. “We have issued guidance for our motor auctions to give them advice on how they can effectively and safely maintain their business activities during the current lockdown,” said Louise Wallis, head of the National Association of Motor Auctions (NAMA) regarding the opening of motor auctions during the COVID-19 restrictions.
“Following the past few months of strong volume growth, respondents to the survey are expecting volumes to stabilise during March,” said Louise Wallis, head of the National Association of Motor Auctions (NAMA), commenting on the latest figures from NAMA’s market attitude survey.
“A majority of respondents to this month’s survey have indicated that they expect auction volumes to stabilise in February following an increase in supply during January,” said Louise Wallis, head of the National Association of Motor Auctions (NAMA), commenting on the latest figures from NAMA’s market attitude survey.
“Half of respondents in this month’s NAMA survey are expecting volumes to fall over the coming month. Volumes of vehicles arriving at auction centres generally reduce towards the end of the year, and this year appears to be no different,” said Louise Wallis, head of the National Association of Motor Auctions (NAMA), commenting on the latest figures from NAMA’s market attitude survey.
The latest National Association of Motor Auctions’ market attitude survey has found that more than 50 per cent of members expect conversion rates to increase in August. “This has been assisted by the volume of vehicles coming though remarketing centres which has meant buyers have had less vehicles to choose from and has in turn increased conversion rates of those vehicles that are available to buy,” said Louise Wallis, head of NAMA.
The National Association of Motor Auctions (NAMA) held its annual AGM on the 18 May in the Algarve, Portugal. A charity auction in aid of Great Ormond Street Children’s hospital took place following the AGM, raising £24,000.
The National Association of Motor Auctions’ (NAMA) market attitude survey shows that most auction centres expect to see petrol and diesel car values remain stable, with only five per cent of respondents expecting a decrease in petrol prices and 15 per cent expecting a drop in diesel. Values of Alternative Fuel Vehicle (AFV) which include hybrid and electric vehicles are thought also to remain steady during April, although unlike petrol and diesel, some members have indicated that these values could actually increase as demand for them steadily rises.