The remarketing specialist saw its Manheim business generate first-time sales on 87% of cars passing through its lanes during the key number plate change month as reduced levels of available stock resulted in a many achieving or exceeding the guide price.
Philip Nothard, Cox Automotive’s Customer Insight and Strategy Director, said: “A number of factors have combined to reduce the level of stock in the market throughout August and September.
“Low new-car sales, long lead-times, and scrappage schemes from some manufacturers have reduced part-exchange volumes, and dealers are choosing to retail those that they take in directly.
“This, combined with the usual seasonal reduction in the number of de-fleet vehicles at auction, had led to a super-heated wholesale market in September.”
Manheim’s market data from last month showed that the average age and mileage of vehicles offered for sale increased slightly month-on-month (up 1.3%), while average price held steady at £5,679 (up 0.3%).
NextGear Capital, Cox’s wholesale stock funding business, also saw average age and mileage hold relatively steady, but reported an average price increase of 6% month-on-month to £7,761.80.
Manheim saw the value of hybrid powered vehicles decline most in its year-on-year analysis of the various fuel types on sale as electric vehicles (EV) were the only drivetrain type to register an increase.
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