HIGH: Average value in March was £9,572
Average values for auctioned fleet cars hit record levels in March, figures from British Car Auctions (BCA) have revealed.
Last month, fleet and lease cars were auctioned at an average value of £9,572, a rise of £381 (4.1%) compared to February and £838 (9.5%) year-on-year.
CAP performance fell marginally over the month to 98.49% but was ahead year-on-year.
Meanwhile, retained value against original MRP (Manufacturers Retail Price) was up by nearly a point at 43.81% compared to February and was up by 1.3 points, year-on-year.
“Used car demand remains very strong, particularly for retail quality vehicles.”
Simon Henstock, BCA
Simon Henstock, UK Operations Director at BCA, said: “Despite volumes remaining significantly higher than we have seen in recent months, demand was very strong across the range of stock on offer at BCA in March.
“We saw greater volumes from dealer part-exchange sources and a small increase in fleet/lease volumes.
“This shift in the model mix meant the headline figure could have been even higher as the individual product sectors saw quite significant value uplifts.
“As we said last month, used car demand remains very strong, particularly for retail quality vehicles.
“But as Easter approaches, the market is showing early signs of softening and, with the March new registration figures being the highest in a decade, this will generate more volume into the used car arena.
“If supply starts to outstrip demand, there will inevitably be some downward pressure on average values, particularly for less attractive or poorly presented vehicles.
“Sellers should keep close to the market and work with their remarketing partner to ensure their vehicles are sensibly appraised and realistically valued to sell first time.”