British Car Auctions (BCA) has reported record values for the second consecutive month, with sale conversion rates at a historic high, driven by strong demand in the wholesale market.

The average used car sold for £9,513 at BCA in July, a £330 increase on June’s average and nearly £1,000 higher than July last year.

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Stuart Pearson, chief operating officer at BCA UK, said: “BCA sales continue to remain exclusively online, giving our customers the easiest access to the widest choice of stock in the wholesale market with thousands of vehicles available to purchase daily. We’ve continued to see record numbers of customers logging in and buying online and average values continuing to outstrip market expectations by a significant margin.

“To satisfy the increased demand, we’ve continued to enhance and expand our online selling programme by creating feature sales for the stock that customers are most interested in. Saturday sales at BCA now offer a much greater volume of stock, and, after a very successful launch event, we will be staging Sunday sales as a regular event in our sales programme from September onwards.”

July marks the second consecutive month of average used car values being above £9,000 and is showing no signs of falling. BCA offers around 6,000 vehicles on average daily, with up to 10,000 buyers typically logging onto their website and app.

Pearson confirmed that the trend was likely to continue as supply issues continued to affect the new car market.

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“There is an expectation that new car supply is likely to remain constrained for some time, which suggests that used car demand will continue to drive values up for some months yet.  BCA remains committed to providing our customers with the greatest choice of the best-used stock in the market, via the most efficient and user-friendly online buying process possible,” Pearson concluded.