- Average used car values in the BCA market remained fluid during the summer months.
- After a positive first quarter, average values declined for three consecutive months.
- In August, BCA recorded average values at £7,669, down 2.5% from July's £7,864.
- The pace of decline slowed compared to June, which saw a 6.9% drop from July.
- Despite market fluctuations, demand for used cars remained consistent, with August's sales volumes reaching the highest point since March.
- A shortage of desirable 3 to 4-year-old vehicles continues to impact market dynamics, leading to strong competition for high-quality examples.
- Tactical campaigns aimed at stimulating footfall have affected wholesale prices in the market.
- Margin pressures persist due to economic conditions, labor shortages, and parts supply challenges.
- Many businesses are prepared to adapt to retail changes by implementing strict inventory management controls.
- Despite challenges, the market appears reasonably stable, with rising stock levels and optimism for increased consumer engagement as inflation falls.
- The industry is poised to respond swiftly to emerging opportunities with signs of improvement in the broader economy.
Read full press release HERE.
