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The headline average value of a used car rose to £9,117 during September, the highest average monthly figure on record at British Car Auctions (BCA).
Volumes also climbed during the month, with inventories reaching record levels by late September and early October.
Year-on-year, the headline figure was up by £741, almost exactly the same value differential as seen last month and equivalent to an 8.1% increase in average values. The average age and mileage of vehicles sold at BCA also continued to fall in September, which also impacted positively on average price performance.
Year-on-year average mileage fell by 1,700 miles to 50,134, while the average age fell from 58.39 months to 56.07.
Stuart Pearson BCA managing director UK remarketing commented: "September brought a lot of footfall into our 24 auction centres around the UK and increasing volumes of online buying activity via BCA Live Online. Volume built steadily during the month and buyer demand often outstripped supply as conversion rates rose to 90%-plus.
"Demand was across the board, but notably interest was exceptionally high for vehicles in ready to retail condition. The higher-value luxury, prestige and sports car end of the market has also performed very well, with sales at BCA Nottingham and Blackbushe attracting big crowds and selling some notable vehicles."
Average values in the fleet and lease sector also rose to record levels, improving by £244 (2.3%) in September to £10,778. It is the second consecutive month that a record value had been achieved at BCA for fleet and lease stock. Retained value against original manufacturers retail price (MRP) improved to 43.32% from 42.70% in August, while year-on-year values were up by a significant £761 (7.5%) as both average age and mileage continued to reduce.
A new record average value was also achieved for dealer part-exchange stock as values rose by £82 (1.7%) in September to £4,757. Year-on-year values were ahead by £204 (a 4.4% increase), while average age and mileage changed little over the period.
"We expect this buoyant used car market to continue into October as the major volume buyers continue to be very active," Pearson added. "BCA continues to win and retain business and we are delighted that Steven Eagell Group and Swansway Group have announced remarketing deals with BCA in recent weeks."
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