Fleet News

Auctions set prices record

Values of ex-fleet stock going through the auction halls reached record levels in the second quarter of the year, thanks to sensible valuations and properly prepared cars from the large scale vendors.

Analysis from BCA in its Quarter 2 Pulse report shows that average values for fleet and lease stock reached £7,114 in June with an average age of 38.1 months and mileage of 58,573.

The strong performance in June’s market helped average values hit £7,130 for the second quarter of the year (April to June), up by £217 on the previous quarter and £505 year-on-year.

Nearly-new values also rose – up £2,355 compared to the previous average of £15,109, thanks to a number of models being entered from manufacturers.

The news comes despite tougher economic conditions with used car buyers seeing five interest rate rises in a year.

BCA’s communications director, Tony Gannon, said: “These figures show the strength in depth of the used car market.

“Despite increased volumes and a more uncertain economic outlook, values for fleet/lease and nearly-new cars have risen, while part-exchange values have held firm.”

Mr Gannon praised the volume vendors for adopting sensible values for their stock and ensuring the vehicles are properly prepared for sale.

He added: “While there are still issues with unsold cars and over-optimistic reserve prices, it is encouraging to be able to report on strong values for the quarter and the highest June prices on record.”

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