Aston Barclay reported a strong September, with used car conversions and prices reaching record levels.
First time conversion rates across the board were at a record of 92.5% which is 3.6% ahead of August, a previous record, and 4.14% ahead of September 2020.
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Ex-fleet stock continued its strong performance, with 100% conversions a regular occurrence and the most recent sale at Donington reporting a price performance average of 111% of CAP Clean. On a typical £10,000 fleet car, that means fleet vendors have made an extra £1,100 during September although the volume of stock being offered for sale remains at around 60% of pre-semiconductor crisis levels.
That compares with Cap HPi’s reported rise in values for September on a typical three year/60,000 fleet car of 5.9% which is equivalent to £860.
Aston Barclay’s remarketing strategy for fleet and OEM sales remains online with buyers still able to view stock physically prior to sale. In many cases, according to the firm, stock is being sold remotely from de-fleet centres to save on transport and ultimately this month on fuel. Meanwhile, dealer part exchanges are still being driven through the halls for physical buyers across its network.
The strong used fleet and part exchange market saw first time online and physical conversion rates reach 93.7% and 93.1% respectively during the month.
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By GlobalData“After August’s summer holiday slow down, dealers have come back into the market very strongly. The shortage particularly of ex-fleet stock is driving conversion rates and prices to record levels although all areas of the market including high mileage stock is experiencing a price increase,” explained Martin Potter, Aston Barclay’s managing director – customer.
“The September new plate part exchanges generally don’t start appearing at auction until early October, but we expect many of these used cars will be retailed by dealers as they struggle to keep forecourts full,” he added.
Aston Barclay also noted that its dedicated Leeds LCV auction and weekly LCV sales at both Donington and Westbury are seeing strong bids both online and physical on ex lease, council, and finance stock.
With some manufacturers quoting new LCV delivery delays of up to 12 months the market is likely to stay this way at least until 2023, said the company.
Earlier this month, Aston Barclay reported the launch of a fully closed group ‘white label’ timed auction platform to help finance houses repatriate used cars back into franchised dealer networks.
