More than a quarter of a million bids were logged on Dealer Auction in the first quarter of 2024 – a 19% increase on figures for the tail end of 2023 and positive proof of an eager and active used car market.
The latest data from the UK’s leading digital marketplace also reveals that both sales performance and days to sell held strong. The total number of auctions during the three months rocketed to 34,000, 1,000 more than at the end of 2023. Average days to sell were comparable between the quarters (4.0 to 4.1), while CAP clean performance nosed in front of the previous quarter by more than 1%.
An upswing in the age and mileage of vehicles sold on Dealer Auction in the first quarter highlights market conditions and the continuing scarcity of younger cars.
In the same period last year, the average mileage for a vehicle listed was 67,744 miles with an age of 8.7 years. This year’s Q1 figures are 72,832 miles and 9.2 years – an increase of 7.5% and 5.7% respectively.
Kieran TeeBoon, Dealer Auction’s Marketplace Director, thinks uncertainty around stock availability, cost-of-living pressures and pricing may mean that, as is supported by observations elsewhere in the market, fleets and consumers are hanging onto cars for longer, pushing averages up.
He said: “It’s been a largely positive start to 2024 with a considerable rise in the number of auctions ending and more than 253,000 bids placed. We saw a marked increase in vehicles listed and active buyers versus Q4 too.
“The statistics tell an interesting story about the continued scarcity of younger vehicles filtering into the used market. More than three million fewer vehicles than expected were registered in the UK between March 2020 and the end of 2023 and we’re now feeling the impact of that volume loss in the used market.”
Other notable statistics on Dealer Auction for the first 91 days of 2024 include a 3% drop in the number of diesels sold. Meanwhile, there’s been a shift in alternatively fuelled vehicle sales numbers – hybrids have jumped by almost 3% while EVs have decreased by more than 2% compared to the first quarter of 2023.
Kieran added: “A jump in sales for hybrids shows that eco-friendly vehicles are increasingly, albeit slowly, making their mark on the used market.”
Read more insights about Q1 by visiting Dealer Auction’s full review here.
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