The car auction industry expects market conditions to remain ‘challenging’ in the coming weeks. Data from members of the National Association of Motor Auctions (NAMA) confirm that every year volumes start to increase from around the second or third week in September and peak in the first half of October just as consumer demand traditionally weakens. However the group has suggested that this year the situation is likely to be made worse as demand may be affected by the pressure on consumer disposable income.
NAMA Chairman Andrew Hulme commented “Market conditions have been relatively stable over the past two months, despite the fragile confidence exhibited by consumers and wholesale buyers. That is likely to change significantly as volumes rise and buyers have a much greater choice. While well-presented grade 1 and 2 vehicles continue to attract strong bidding, stock in grade 3 to 5 condition needs to be accurately valued in line with market conditions.”