Cox Automotive has reported strong market activity in the wholesale and retail used car markets in September.
According to the group, Manheim and Motors.co.uk both saw lower stocking days despite car volumes increasing from August.
Motors.co.uk, the retail arm, saw the average selling price of cars increase by 1.5% to £12,290, and days in stock fall by two compared to August’s level. By segment, prices rose by 3.7% for prestige brands and 1.2% for volume brands.
By fuel type, hybrids saw the biggest increase in average selling price, up 6.1% from August 2016, while diesel and petrol car prices rose 2% and 1.5% respectively.
Manheim, the wholesale arm of the group, experienced a 3.1% increase in volumes at auction. However, wholesale vehicles saw a 4.4% fall in average selling prices in September, down to £5,523.
Cars recorded an average of 9.2 days in stock, which Cox reported was the quickest speed of sale for 12 months.
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By fuel type, the value of petrol cars remained static, while that of diesel cars fell.
Part-exchanged vehicles saw selling prices rise 2.3% for the highest level since September of last year, despite a 9.3% increase in part-exchange volumes at Manheim’s auctions.
Dealer vendors at Manheim recorded 7.3 days in stock in September, which Cox stated was the quickest average speed of sale for six months.
Prices fell in the ex-fleet market, with values dropping 7.4% from August to £9,280.
Despite this, Manheim’s fleet and leasing vendors saw average selling times fall to 14.4 days in stock, for the quickest since April.
The used values of prestige marques rose by 1.6%, and volume brands saw their average selling prices increase by 3.6% from August.
Cox said it expects ‘further softening’ at Manheim in October as end-of-contract volumes increase and demand eases, however, they reported that they are prepared.
The group said: “Manheim has invested significantly in processes and systems to get vehicles on sale as quickly as possible and is well-placed to handle any increase in volumes effectively.”