BCA and Lex hit 103% CAP in convertibles sale

Over 500 cars have been sold at the latest of British Car Auctions (BCA) convertible car sales, averaging nearly £9,000 per car and 103% of CAP clean. The specialist sale in conjunction with fleet manager and funder Lex Autolease was held across two sites in Surrey and Manchester, with participants able to bid on vehicles at either location, and generated £4.5m in turnover. At a time when auctioneers are doing more and more to facilitate and attract live internet bidding, online traders acquired 252 (roughly half) of the convertibles on sale

Over 500 cars have been sold at the latest of
British Car Auction’s (BCA)
convertible car sales, averaging nearly £9,000 per car and 103%
of CAP clean.

The specialist sale in conjunction with fleet
manager and funder Lex Autolease was held across two sites in
Surrey and Manchester, with participants able to bid on vehicles at
either location, and generated £4.5m in turnover.

At a time when auctioneers are
doing more and more to
facilitate and attract live internet bidding, online traders
acquired 252 (roughly half) of the convertibles on sale. Online
bidders outnumbered those in attendance by about 500 to 400.

And at a time when
online bidders and their in-person counterparts alike are
regularly
pushing used vehicle auction prices past guide values, industry
figures are
questioning the accuracy of markers such as CAP Clean as stock
restrictions push up
second-hand car values.

Overall, the convertibles on auction hit 103%
of CAP Clean, 10 of which BCA listed as clearing over 120% of CAP
Clean, including a March 2008 Renault Megane with 42,000 miles on
the clock sold for £6,800 (164.8% of CAP Clean) and a September
2007 BMW 320i with 77,000 miles on the clock sold for £11,900
(131.1% of CAP Clean).

richard.brown@vrlfinancialnews.com