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Fleets keeping hold of vehicles in an attempt to achieve inflated valuations could be causing distortions in the used vehicle market, pricing experts Glass's has claimed.
Resubmitting vehicles for auction and a refusal to sell vehicles below guide prices is creating a host of problems, Rupert Pontin, director of valuations at Glass's has claimed.
"Lately, we are going through a phase where we see the same cars and vans presented at auction time and again - and our feedback says that failure to reach book values is the reason," Pontin said. "With some of the industry price guides consistently overvaluing the market in recent months, it appears to be becoming an increasing problem. Large numbers of vehicles are remaining unsold."
Pontin added that then when the vehicles take a long time to resell, the values tend to slide leading the business to receive a double loss once stock is sold on.
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