Used car dealers facing buyers market

Used car dealers facing buyers market

Used car dealers will find November “challenging” say the National Association of Motor Auctions (NAMA), after retail activity in October dropped. Trade demand is also running at a reduced level.

“This is significant because it is the first time for a couple of years that vendors have found themselves in what is rapidly becoming a buyers market.” said NAMA chairman Paul Hill.

NAMA said the volume of vehicles sold first time at auction has dropped 4 percentage points from September 2014 to 80% in October 2014 signifying a more challenging market and possibly an increase in the volume of stock on offer. This is also 3% below the 83% recorded in October 2013.

Nama said the price premium of vehicles sold first time round has dropped “significantly” to £250.

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