A Cox Automotive overview of the marketplace for July has shown improvements in demand for ready to retail vehicles, including diesel.
Vehicle remarketer Manheim continued to show strong increases in the price of sold vehicles, up 7% to £7,298 from £6,816 in June, a 15% year-on-year increase.
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Diesels continued to perform well, selling three days faster than the same period last year despite ongoing negativity surrounding the fuel, while petrols continued to stall, held on forecourts for an average of 52 days compared with just 48 in 2017.
Dealer Auction, the trade-to-trade online auction platform, also reported a 2% month-on-month increase in the average selling price of vehicles to £4,630, in addition to a 10% increase in volumes through online lanes.
Commenting on the figures, Cox Automotive’s head of external relations Philip Nothard, said: “We’re not surprised average selling prices are being pushed up, something we expect to continue over the coming months.”
“As the market remains steady in terms of volume, demand for vehicles is heating up and dealers are now willing to pay more for quality vehicles that match their requirements.”
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By GlobalDataThe Manheim data revealed a strong demand for Ford Focus, Vauxhall Insignia and Vauxhall Astra models up to 10 years old with mileages below 50,000.
This month Leasys UK signed a three-year extension with Manheim, furthering the partnership on a national sales programme until at least 2021.
In the retail market, Cox Automotive’s car search platform, Motors.co.uk, continued to report stable figures, with the average sold price of vehicles up 1% to £14,314 (up 6% year-on-year).
Nothard said: “Dealers are reporting a slowdown in footfall over the past two months, although this is to be expected during the holiday season and with the hot weather we have experienced.”
“Looking at footfall more closely, independents are selling vehicles three days faster on average than this time last year, with supermarkets taking an extra four days to sell stock compared to July 2017. Although, this could be temporary and down to an average 15% stock volume increase at supermarkets currently outweighing the summer demand.”
“Going forward, it’s a given that the WLTP will hit hard over the coming months, especially in terms of stock availability, so it will be an interesting time for all involved. However, while we expect some peaks and troughs in terms of supply and demand, we are confident the market will steady itself, especially given the positive half year to date.”
Cox Automotive Automotive brands in the UK include Manheim, Dealer Auction, Movex, RMS, NextGear Capital, Motors.co.uk, and Modix. The group employs more than 2,300 people in the UK.
