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Used car values hold up well at BCA during second lockdown

Used car values hold up well at BCA during second lockdown

Average used car values held up well at BCA during November 2020 as England went into a second lockdown, and significant curbs on day-to-day activities remained in place across the rest of the UK.

Despite the restrictions, BCA reported steady trading and good levels of demand in November, with conversions levels rising towards the back end of the month. Average used car values moved by just £166 (2.0%) to £7,986 during the month, a very different picture from the first lockdown and remained ahead of the previous year by 3.5%. 

Buyer engagement remained strong with over 5,000 bidders logging in most sale days across the BCA online sales programme.  Average daily sale entry remained around 5,000 units.  BCA noted rising interest in the evening sales, with buyer numbers climbing for these twice weekly events to average around 600 per sale.

BCA COO UK Remarketing Stuart Pearson commented “We suggested last month that the onset of Lockdown 2.0 could cause some short-term volatility and the early days of November reflected this.  However, BCA continued to conduct business safely and within the government guidelines and average used car values and volumes held up well during November.” 

Pearson added “The wider used vehicle sector was significantly better prepared for the second lockdown than the first, and customers felt confident to bid strongly for the right stock.”

“BCA’s extensive online-only program, along with the new products and services delivered over the last eight months, continued to drive efficiencies to support our customers and we remain firmly committed to deliver on a plan of further innovation over the coming months.  We have also announced an extensive programme of online and Bid Now/Buy Now sales over the festive period to help our customers prepare for the New Year.”

Pearson concluded “The used car sector has shown a resilience and strength in depth throughout the period of the pandemic that sees it finish the year in significantly better shape than many expected.  While this may have surprised those operating outside of the automotive industry, it highlights the entrepreneurial spirit, agility and relentless drive that keeps the used car sector constantly moving forwards.”

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