Observations, Tim Naylor, BCA

Average values continued to rise, with both fleet and lease and dealer part exchange values reaching record levels.

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The fall in the headline value last month was a result of a small change in the mix of cars sold – a greater percentage of dealer part exchange cars were sold in September compared to relatively higher-value stock from fleet and lease sources.

BCA’s remarketing centres nationwide reported strong demand and a significant upturn in conversion rates during September. The used market remained relatively short of stock last month as much of the volume resulting from the plate change does not impact until early October. Despite volumes beginning to rise towards the end of the month, demand outstripped supply and both physical and online channels were very busy.

There’s been a growing sense of economic optimism affecting the wholesale used car markets. Availability of good retail-quality stock will remain critical, however, if dealers are to meet customers’ needs.

Volumes generated back into the used sector from the plate change will rise during October and, while this means more choice for buyers, it will inevitably put some pressure on average values and conversion rates during the weeks ahead.

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We are already seeing an upturn in the supply of dealer part exchanges. However, supplies of fleet and lease vehicles are likely to remain constrained, a consequence of the reduced new car sales to the business sector following the onset of the financial crisis in 2008.