New car registrations saw a 3.4% decline in March.
According to the latest dealer sentiment survey from Modix, almost 60% of retailers felt that consumer demand was down in March compared to prior year.
The results painted a more positive picture on used cars, with 62% reporting that days in stock were lower than prior year.
Dealer sentiment key findings
- 51% Reported margins held steady year-on-year
- 11% Believe consumers demand was up year-on-year
- 54% Believe economic conditions are declining
Cox Automotive recorded a double-digit increase in part-exchange volumes through its physical and digital wholesale channels in March.
Manheim saw the number of part-exchange vehicles rise by 10% month-on-month (MoM), while the average part-ex price was up 1.7% to £4,150. Dealer-Auction.com, Cox Automotive’s trade-to-trade auction platform, also reported increased volume (up 8%) while the average sales value rose slightly to £5,088.
NextGear Capital, Cox Automotive’s stock funding business, also reported an increase in average vehicle values, up 5% month-on-month to £7,958. Average holding days fell by 3 to 59.8.
Wholesale fuel comparison
Petrol and diesel prices fell year on year in March, -11% and -12.5% respectively, likely to be influenced by an increase in vehicle age and mileage. The average price of Alternative Fuel Vehicles (AFVs) increased by 2.3%.