Used car sale volumes from National Association of Motor Auctions (NAMA) members rose by 2.4% from September to October, the association has revealed.
The 114,986 vehicles sold in October was also 12% more than the number sold in October 2014.
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The percentage of vehicles sold first time in October decreased from 85% in September to 80%, a fall of 5%. In comparison to October 2014 there was no change in the conversion rate.
Cars up to two and a half years old sold for an average of £14,500 in October 2015, down from £14,975 in 2014.
Every other age category increased in average price. The average 2.6 to 4.5 year old car (‘fleet’) price increased by 3.0% to £9,325, young part exchange vehicles (4.6 to 6.5 years old) increased 2.0% to £6,150 and part exchange vehicles up to 10.5 years sold for an average of £2,950, up 3.5%. Cars older than this sold for an average of £925, 5.7% more than their value in October 2014.
Paul Hill, NAMA chairman, said, "At the wholesale level, first time conversion rates declined in four of the five market segments to below 80%. The exception was the budget sector of the market which delivered an 86.2% first time conversion. Although we have seen a marginal 1.1% fall in new car registrations, October delivered the third highest number of sales at auction during 2015.
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By GlobalData"In addition to the fleet volume, dealers continued to clear the decks of overage stock and unwanted part exchange vehicles that arrived on site as a result of new car sales activity in September and October.
"Despite volumes of new cars evening out in during October, we expect that manufacturers will continue with the relentless push to generate new car registrations and vie for market position.
"As always the ever vigilant vendor remarketing partners will need to keep close to the market changes and council wisely at the pre-auction briefings. In addition swift advice will be needed to ensure days to sale are kept to a minimum and the best values are achieved on the day."
