September 2020 was a successful month for the used carmarket, with the average sale price remaining above £8,000 for the fourth monthin a row.
This data comes from the BCA, which reported a 3.9% rise overthe month of September for used car values and a significant 31% rise in onlinesale volumes, the highest point on record for the year.
BCA recorded average used car values of £8,363 in September2020 with conversion rates exceeding 85% across its online sales programme.
September also saw the fifth consecutive month that BCA solda record numbers of vehicles online, with online weekday sales entriesaveraging over 6,000 units throughout the month.
This follows BCA’s introduction of both selling exclusivelyonline for 6 days a week and a new ‘Saturday sale’ programme launched inmid-September.
BCA reported that demand for stock “remains strong”, with anincreasing focus on stock that is ready to take away and retail immediately.
BCA chief operating officer for UK Remarketing, StuartPearson, commented on : “The used car market saw buying activity and demandincrease in September with BCA selling record volumes online for the fifthmonth running.
“We also saw record numbers of customers purchasing onlinein September, with numbers of customers for both online auctions and fixedprice purchase continuing to rise.
“It is this strength in depth in the used car sector thathas been integral to the industry trading so efficiently and effectively in thepost-Covid19 marketplace.”
At the beginning of October 2020, BCA launched a new RetailReady digital sales channel exclusively for its trade customers.
Acting as a virtual showroom, the platform displays a largeportfolio of retail-prepared vehicles that are read to sell from point ofpurchase. The vehicles listed are prepared cosmetically and mechanically to anew industry retail standard devised and delivered by BCA.
“From the vendor perspective, it is worth remembering thatthe remarketing basics remain just as relevant in an exclusively digitalmarketplace and after a sustained period of strong prices, some readjustment islikely to happen at some point,” explained Pearson.
“Ensuring that every vehicle has the appropriatedocumentation from V5 to service history, describing the vehicle with all ofthe add-value specification and also providing all the equipment at point ofsale remain as important as ever.”
He concluded: “Exceptionally strong consumer demand hasdriven the wholesale market to the record levels seen over the last few months.
“However, if we see a shift towards more normal seasonalconditions, buyers will quickly become focused on condition and presentation.This means it will be even more important for sellers to make use of BCA’sinsight and intelligence to keep abreast of any changes in marketsentiment.”
