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.
The used car market in Q1 2020 saw a fall of -8.3 per cent in comparison to Q1 2019, with 1,851,919 transactions taking place. In Q1 2019, that figure was 2,020,144. However, in January and February, the market had grown by +2.9 per cent and +4.0 per cent respectively compared to their figures in 2019, showing the used car market had a strong start to the year. The COVID-19 outbreak, and subsequent halt of auction transactions however meant March sales fell -30.7 per cent, causing the quarter overall to indicate a reduction of sales.
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.
The used car market saw a growth of 2.4 per cent in the last quarter of 2019 with 1,804,343 transactions. Overall in 2019, the used car market finished almost on par with the previous year with a marginal decline of -0.1 per cent and a total of 7,935,105 sales. Used petrol declined by -0.3 per cent, diesel -0.6 per cent, while combined alternative fuel vehicles grew by 23.4 per cent. Transactions of Euro 6 diesel models were up 32.5 per cent.
“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.
National Association of Motor Auctions (NAMA) members are positive about the prospects of used cars following the number plate change. “More than 80 per cent of NAMA members are expecting vehicle volumes to increase or remain steady in September. The increase will be promoted by the number plate change with both dealer part-exchanges and leasing company de-fleets arriving at remarketing centres,” said Louise Wallis, head of NAMA, commenting on the latest figures from NAMA’s market attitude survey.
The National Association of Motor Auctions (NAMA) raised a phenomenal £24,000 at its annual AGM in May. A cheque was presented to representatives from Great Ormond Street Children’s hospital at the recent executive meeting.
Findings of the latest NAMA market attitude survey show that the general feeling continues to be that the Euro 6 van market will remain strong. Nearly half of respondents (46 per cent) expect Euro 6 van values to increase and the same percentage believe they will stay stable. By contrast, over half of respondents expect values to decline in the pre euro 6 van market. “NAMA members expect the Euro 6 van market to stay strong as Government clean air policies encourage businesses to purchase these vehicles” said Louise Wallis, head of the National Association of Motor Auctions (NAMA).
The National Association of Motor Auctions (NAMA) held its annual AGM on the 28 April in Lisbon, Portugal. A charity auction in aid of BEN – the automotive industry charity, took place following the AGM, raising £14,150.
The National Association of Motor Auctions (NAMA) held its annual AGM on 20 May in Belfast. A charity auction in aid of automotive industry charity BEN took place following the AGM, raising a record-breaking £17,450.
2016 saw record used car sales of 7.7 million and this translated into a very busy year for auctions, as dealers bought cars to fill forecourts to meet consumer demands. “Following what could be described as an uncertain political and economic climate, 2016 marked a strong performance from the UK motor auction sector”, commented Louise Wallis, head of The National Association of Motor Auctions (NAMA).