"The market continues to exhibit stability amidst evolving dynamics, reflecting resilience and adaptability within the automotive industry." Said Paul Hill said Paul Hill spokesperson for the National Association of Motor Auctions (NAMA) following market call for April 2024.
LCV segment
Participants noted a significant increase in attendance at physical sales, signalling growing market activity. Stock availability was reported to be good, providing buyers with ample options. Of note in interest in electric vehicles, Additionally, slight reductions in values have provided buyers with increased opportunities to make purchases.
Overall market
Observations from car guides indicated a seasonal softening in line with pre-COVID trends. Despite this, retail feedback has remained positive, reflecting sustained consumer confidence. Although data availability was slightly lower compared to previous weeks, trends remained consistent with previous years. While no significant movements were observed, next month's reduction is anticipated to be around 1%, maintaining a stable market. However, conversion rates were noted to be tailing off slightly, which is expected around this time of year.
Paull Hill said “Buyers were observed to be increasingly selective, particularly with older vehicles, despite their cost. It was emphasised that pricing should be in line with the condition of the vehicle, as mechanical issues were found to be more problematic than cosmetic issues.
The effect of ULEZ regulations was noted, with dealers on the periphery of the zone preferring newer vehicles.”
Paul Hill concluded “The April 2024 market call underscores a stable market environment, with opportunities and challenges across various segments."
