Used market “hotting up” as restrictions ease says BCA

BCA’s currently exclusive online sales offering is reporting a significant and noticeable uptick in demand and increased average values in the week following the relaxation of some Lockdown restrictions in England.

Average values rose by £1,223 (15.8%) during the week commencing 12th April as demand heated up and professional buyers competed strongly for stock via BCA Online and the BCA Buyer app.

Conversion rates improved and sold volumes jumped by 17.0%.  Performance against guide values also accelerated, rising by 1.7 percentage points to 101.9% across the board.

Bidder numbers continued to climb, with average daily online attendance numbers nearing 5,000 as BCA’s digital sales programme offered up to 7,000 vehicles daily during April.

*Source: BCA Valuations

Values for stock from corporate sellers reached its highest point this year, improving by £269 (2.2%) to reach £12,337.

*Source: BCA Valuations

Dealer Part-Exchange stock rose in value by £571 (10.0%) during the first week following the easing of Lockdown restrictions, also reaching the highest average weekly value this year.

*Source: BCA Valuations
Stuart Pearson COO BCA UK commented “The lifting of some Lockdown restrictions, the continued good news about the vaccination rollout and the cautiously improving economic outlook has generated a lot of positivity in the used vehicle sector.”

“BCA’s model provides incredible insight into how the market is operating and it’s clear that there has been a noticeable increase in confidence and demand, demonstrated by the numbers of joiners, watchers and bidders to our online channels.  Using this insight, we’re able to create the most effectives sales offerings and market the most appropriate vehicles to the right customers, therefore providing sellers and buyers with the optimum way to sell or buy vehicles.”

“Our sales continue to be exclusively online, giving BCA customers access to the widest choice of stock in the wholesale market, while ensuring a safe environment for buyers, vendors, suppliers and our people alike.”

“BCA remains committed to creating the most efficient marketplace for our customers and will continue to deliver innovation into the wholesale buying process along with the widest choice of vehicles and buying channels available.”

*Article Source www.harrisonsadler.com