BCA’s Pulse Report shows that, as in previous years, average used car values returned to more typical levels in January, following on from the seasonally affected values recorded during December 2019. Trading started strongly for BCA in 2020 as the company offered and sold record volumes of vehicles in January, with digital sales increasing by 23% across the board compared to January last year.
The BCA headline figure of £9,840 in January 2020 represented an increase of £364 year-on-year, equivalent to a 3.7% improvement across the board, despite both average age and mileage rising over the period. Average year-on-year values increased across all sectors at BCA in January 2020, with dealer part-exchange values rising to the highest point on record, with fleet and lease vehicles reaching the second highest average value ever recorded.
The increased year-on-year values reflect both the richer mix of cars available at BCA over the past 12 months and the substantial levels of demand experienced this January. Fleet & lease and Dealer P/X values increased by 7.1% and 5.5% respectively, while nearly-new values were up by 4.5%.
Year-on-year table: All cars
Stuart Pearson BCA COO UK Remarketing commented “January was a strong month across BCA’s network with record volumes sold and strong buyer engagement across the network for both physical and digital sales. Dealer customers are reporting positive levels of retail activity and this is driving demand in the wholesale sector.”
He added “Online trading played a significant role during January with sold volumes rising by a significant 23% compared to January last year. The BCA Buyer app is driving digital engagement, creating additional buying power by ensuring that buyers never miss the vehicles that they are interested in and helping buyers bid on any vehicle being sold, whatever their location. Over 50% of BCA’s active buyer base have used the app since it launched a year ago, underlining that BCA is leading the digital sales market with a choice of channels offering an unrivalled selection of stock.”
Fleet & lease values averaged £12,331 at BCA in January 2002, the second highest value ever recorded at BCA. Demand for fleet & lease stock at BCA has seen values rise consistently since September of last year, with the last five months representing the five highest monthly values recorded. Year-on-year values were up by £878 (7.1%) with both average age and mileage continuing to rise. The retained value against original MRP (Manufacturers Retail Price) averaged 43.3%, down by 0.8 percentage points, year-on-year.
Year-on-year table: Fleet & lease
Dealer part-exchange values at BCA rose to record levels for the second month running during January 2020, increasing by £76 (2.5%) over the month to reach £5,321. Average values for part-exchange vehicles were up by £281 (5.5%) compared to the same month last year, with stock showing a slightly lower profile of age and mileage.
Year-on-year table: Dealer Part-Exchange
Values for nearly-new vehicles at BCA averaged £24,029 in January 2020, with year-on-year values up by £1,044 (4.5%). Model mix has a significant effect in this sector, with brand specific winners and losers.
Year-on-year table: Nearly-New