The National Association of Motor Auctions (NAMA) has reported buoyant results from members currently holding online auctions across all sectors including cars, motorcycles, LCVs, LGVs and plant.

Online auctions are permitted under current government legislation and the events have attracted strong interest from trade customers, with numbers participating in bidding online increasing daily.

“Hundreds of thousands of vehicles are transacted online each year by our members. Through the period of lockdown, members have adapted their businesses to provide customers with the chance to continue to buy and sell vehicles whilst complying with current government guidance. Although restrictions remain in place keeping auction houses closed until 15 June, online auctions are permitted, and our industry is very much alive. Seeing members adopt industry-approved processes ensuring that safety and social distancing measures are adhered to is extremely positive”, said Louise Wallis, Head of NAMA.

“The NAMA vehicle grading scheme has been crucial for buyers during the current crisis, due to the consistency, trust and confidence it provides to support buying online at any member auction. Similarly, sellers use the scheme to accurately value stock, ensuring that vehicles are not overpriced, and more are sold first time. The data arising from these sales is used by the industry’s data and software solutions providers to assist in the valuation and forecasting models used by the whole motor industry” she added.