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Fleet Procurement and management company Liquid Fleet reported record used car sales in the first quarter of 2024 selling almost 450 units through its remarketing network.

Liquid Fleet experienced a buoyant used market from the start of 2024, where normally it takes about two weeks for the trade to return to buying stock.

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April looks to have continued in the same vein with retailers reporting a healthy Easter weekend and Liquid Fleet forecasting a strong Q2 used market.

This positivity has been experienced across all its wholesale remarketing channels including – direct, franchised dealers and car supermarkets.

Retail sales have also produced some strong results as Liquid Fleet aims to mitigate any potential losses from Q4 2023 which saw residual values fall by 12%.

Liquid Fleet runs 2,500 vehicles, and its cars are typically petrol and petrol hybrid and replaced every 13 months and around 22,000 miles. It also runs a few diesels, some vans on 48-month/48,000-mile replacement cycles and a handful of six and eight-month contract cars.

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Its high used car conversion rates have seen cars selling in just 15 days or less with residual values exceeding CAP Clean figures when adjusted for damage.

“This change to the market has come at a very important time as new prices have been increasing and interest rates high. We needed residual values to stabilise in Q1 to inject confidence back into the market and to enable us to remain competitive when procuring and leasing cars into the market,” said Martin Potter, Liquid Fleet’s commercial director.