BCA reports resilient used vehicle values
29 May 2020
Author: Illya Verpraet
Vehicle remarketing firm BCA is seeing strengthening values of used cars in its online sales, with increasing numbers of online bidders.
Although average sale values slumped to £4,568 in the first week the online-only sales were introduced, by the fourth week of May, they had picked back up to £8,788. That is still some way below the £10,002 the average car sold for at BCA in February, however.
The average age and mileage of stock sold increased compared to the immediate pre-lockdown period, with the average car sold being around six months older and having covered 10,000 more miles.
BCA COO UK remarketing Stuart Pearson commented: "We reported two weeks ago that momentum was building in the used vehicle sector and thanks to the efforts of our people, suppliers, partners and customers, we have delivered a comprehensive digital remarketing programme that complies with safety legislation and Government guidance.
"There has been a huge amount of customer interaction through our online channels, with activity growing daily and some Virtual Sales seeing buyer participation ahead of those seen in pre-lockdown conditions. We have seen demand grow steadily for stock, with acceleration through differing price points throughout the period. In the initial stages, buyers were very much focussed around lower value vehicles, however as more buyers enter the market, we're seeing greater stability across all sectors."