Automotive Industry Digest

Latest Fleet News For The Automotive Industry

Residual value update

Strong used car market growth in Q2 2021

“As anticipated, the used car market performed strongly in Q2 2021 as the nation unlocked and motorists had an increased need for personal mobility”, Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA), commenting on the latest SMMT’s used car figures.

The latest SMMT figures showed the used car market grew 108.6% in the second quarter of 2021 compared to the same period in 2020 with 2,167,504 transactions. Registrations were up by 6.6% compared to pre-pandemic levels in 2019.

All months in Q2 saw significant growth, with May 9.9% on 2019, the best performance for the month on record. BEV and phevs transactions rose by 353.9% and 349.8%, respectively.

Sue Robinson added: “The outlook for the used car sector is strong as supplies of new car vehicles remains constrained for the time being. We expect growth in the number of used plug-in vehicles coming onto market in the coming quarters.

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Automotive Industry Digest

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