Cox Automotive has confirmed that vehicle values held steady in a buoyant wholesale market in February.
Manheim recorded an average selling price of £6,131, up 0.5% month-on-month. Fleet car values increased by 4.9% month-on-month, while the average value for part-exchange vehicles fell by £300 to £4,082.
Figures from NextGear Capital paint a similar picture. The wholesale stock funding business recorded an average cost per unit of £7,568, down 1% month-on-month. Average mileage increased slightly to 62,482.
Dealer-Auction.com reported that the average selling price remained on par with January at £5,017. The trade-to-trade online auction platform also recorded an 8% year-on-year increase in average values, however this is likely to be the result of a change in stock mix.
Philip Nothard, Cox Automotive’s Customer Insight and Strategy Director, said: “The wholesale market remained buoyant in February, with strong buyer interest and good auction conversion rates.
“Interest in retail-ready vehicles remained high, and cars at Grade 1 and 2 regularly achieved the CAP Clean value. On the other side of the coin, vehicles in poor condition and those offered without a V5 attracted low levels of buyer interest.
In retail, February results published by the SMMT showed that new cars registrations rose 1.4% following the decline in January, while the impact of WLTP, ULEZ and legislation changes around diesel vehicles continue to influence the fuel landscape.
According to a recent dealer sentiment survey from Modix, Cox Automotive’s digital marketing specialist, February was a positive month from a dealer perspective. Two-thirds of respondents reported an increase in footfall and online activity compared to the same period last year, while 71% confirmed they had seen increased demand. Despite the broadly positive picture, the survey highlighted some concerns around margin compression, as 67% of dealers indicated a decline compared to 2018.
Nothard added, “On the whole it’s a positive picture as the used market continues to perform well, whilst new car sales have had a solid start to 2019.”