January saw the first monthly rise in average UK used car values since last October as buyers competed strongly for stock, reports auction house BCA.
A level of optimism among the customer base suggests the potential for a more stable month.
Greenhous Group has become the lease holder of the former BCA site in Upper Heyford.
BCA has said the market for used EVs is improving after seeing the strongest performance for the segment in May, since the peak recorded last October.
Light commercial vehicle (LCV) values reached their highest point since July last year as the sector’s performance defied expectations during Q1, BCA has said.
Used cars ended Q1 with a third successive month of rising values at BCA auctions after what chief operating officer Stuart Pearson described as a “very encouraging start to 2023”.
Wholesale prices for used LCVs averaged £9,851 at BCA in February 2023, with sustained buyer demand keeping values firm as the strong start to the year continued.
BCA has reported that it expects used car values to “remain strong” after 1.7% month-on-month rise in February – despite growing volumes.
Limited supplies of zero-emission electric vans is creating “volatility” in a light commercial vehicle (LCV) sector experiencing a ramp-up in demand, BCA has said.
LSH Auto and BCA will host events aiming to help aspiring apprentices take their first steps towards a career in automotive as Kia UK revealed plans to re-launch its apprenticeship programme.
BCA has entered into consultation with staff over business restructure plans that involve the closure of its vehicle preparation centre closure at Upper Heyford.
Record trading between Christmas and the start of the new year demonstrated that car retailers were keen to get a “good head start” for strong January trading, according to BCA.
Used LCV prices increased in November, as demand grew steadily for vehicles to service the online shopping and home delivery sector in the run-up to Christmas.
A decline in average used light commercial vehicle (LCV) wholesale values of just £15 in October suggests that “demand remains well balanced against supply”, according to BCA.
BCA has reported "encouraging signs" from a used van market which experienced a 1.8% (£177) decline in average wholesale values during September.
BCA has said that used vehicle process will “remain very robust for some time to come” after wholesale used car values rose 2.9% to £9,197 in September.
A growing divide in the used car sector is seeing values decline among older vehicles in poorer condition as retailers remain ‘laser focussed’ on fast selling stock, BCA has said.
Used car remarketing giant BCA is consulting staff at its Derby, Peterborough and Sandwich facilities ahead of a planned restructure following a review of the “scale and capability” of its UK operations.
Wholesale used car values rose by 8.8% month-on-month at BCA auctions across the UK during June as the remarketing giant recorded its first price growth of 2022.
In a used car market starved of supply vehicle acquisition has become the boom industry, with retailers launching their own car buying platforms to rival third-party providers.
