NAMA monthly market report
The National Association of Motor Auctions (NAMA) published its monthly market report today for January.
The report shows that during January the average month-on-month value of used cars sold at auction across the board increased 2.8% £5,670 to £5,828. This is 7% higher than the same period in 2014. The increase in sale value would reflect the quality of stock available in the new year.
Sales volumes for the late low sector in January 2015 increased by 74% from 6,746 units to 11,835 units. In addition PX Profile (Young) saw a fall from 16,228 units for January 2014 to 11,169 units in January 2015.
The volume of vehicles sold first time during January rose from 73% in December to 80% in January – which was slightly behind the 82% seen during January 2014.
The price premium for vehicles sold first time round in January 2015 increased by £75 to £275 over the December figure, and the average days on site increased to 12.0 days.
Sale Price by Age Profile in January 2014 compared to 2015
2014 2015 Diff %
Late & Low £14,250 £15,225 6.8%
Fleet £8,450 £8,850 4.7%
PX (Young) £5,300 £5,800 9.4%
PX (Old) £2,475 £2,850 15.1%
Budget £825 £925 12.1%
Notes: Late & Low are cars from: 0 – 2.5 Years
Fleet are cars from: 2.6 – 4.5 years PX (young) are cars from: 4.6 – 6.5 years
PX (Old) are cars from: 6.6 – 10.5 years Budget: >10.5 years
The average sale price increased on lower sales volume in January in all sectors.
This suggests that there have been fewer vehicles available for sale during January 2015. Given the slightly lower conversion for January 2015 compared to the same period 2014 this would indicate some dealers are prepared to pay more for some stock but may still be choosey if they have stock and are buying to fill spaces where stock has sold.
Paul Hill, chairman, NAMA, said: “Following on from the new car market finishing at 2.476 million units in 2014, this month has shown a strong start to 2015 delivering a 6.7% increase on January 2014 with 164,856 units – best start to a year since 2007. This means the period of record market growth has reached its 35th consecutive month.
“There has however been a fall in retail sales by 5.1% which is the first fall in four years. Company car registrations have masked this fall with an 18.1% increase in registrations for January 2015.
“To sum up, February should remain a strong retail month for used cars as orders build for delivery during the next plate change, but may run behind previous years as incentives attract retail buyers into potentially late low mileage and new vehicles. We should however be thinking ahead as PCP returns are coming and they have the potential to change the look of the wholesale and retail used car landscape.”
