Fuel Type: Petrol

Used Car Market Update – April 2021

Used car market gathers pace

As expected, the UK used car auction market continued to gather pace following the easing of some restrictions in March. Sale volume and first-time conversion rate both continued the improvements seen for March, albeit not to the same degree, whilst the percentage achieved of the original cost new also increased month-on-month. In summary, the three key metrics all continued to move in the right direction, with more cars sold first-time and for more money.

Used Car Market Conversion Rate Graph April 2021

Used car market percentage original cost new graph April 2021

Demand continued to grow during the month, with premium SUVs and convertibles particularly sought after. Cars that required work were less desirable, so whilst there was a clear demand for vehicle stock, whether to fill up sites depleted during the lockdown or to prepare for increasing demand, it is clear that buyers were generally looking for cars ready for customer sale with the minimum delay or additional expenditure.

Used Car Retail Market

The metrics for the used car Retail market continue the positive theme from March. The number of observed sales increasing 13.6% – not as strong as the surge seen for March, but impressive nonetheless. The average sale price decreased a little. This is likely due to the increase in the sales of lower-priced cars. Buyers of these cars appeared to be less keen during the lockdown, which was reflected in the auction results, but the opening up of retail sites to more “normal” sales procedures saw a boom in demand at the auctions as retail demand increased.

Used car market retail observations graph April 2021

Used car market average retail sale price graph April 2021

Glass’s Live Retail prices measure the length of time a car spends on the forecourt, with a shorter duration generally pointing to a stronger retail market. The Average Days to Sell in April did improve compared with March, down from 48.7 days to 47.3 days, although the improvement may not be as great as some may have been expecting. However, with all of the recent restrictions, many cars may inevitably have been in stock for longer than would be desirable in a “normal” market.

The opening up of retail sites and the rise in demand is giving many retailers a confidence boost, so the practice of trading out overage stock added to the jump in retail sales will result in a bigger stock day improvement in May.

Used car market average days to sell graph April 2021

Outlook

Early indications for May are that the used car auction market is continuing to improve. Strong demand is continuing to drive values up, and whilst this is undoubtedly good news, dealers should be cautious. With many retailers topping up their sites to pre-lockdown stock levels whilst also keeping up with the increased demand, values may over recover. Supply into the auction market is also improving, so whilst May is shaping up to be a strong month for both auction and retail, the growth in auction values may slow towards the end of the month.

New Light Commercial Vehicle (LCV) Market Update – April 2021

A strong market for both new and used LCVs

An artificially inflated 798.8% increase in light commercial vehicle registrations in April 2021 were recorded, against a backdrop of twelve months ago when nearly all registrations stopped due to coronavirus lockdowns.

This growth was largely driven by demand in the 2.5-3.5-tonne sector, where 20,037 vans were registered. In the first four months of 2021, registrations in this sector have nearly doubled those in the same period in 2020 and reflect a market that saw its largest ever April total since records began. A year-to-date total of 127,796 registrations is a rise of 79.3% overall versus 2020 and reflects a market that is 23.2% up on the five-year average.

SMMT data revealed that the 30,440 April registration total is 27,053 units more than in April 2020, the first full lockdown month of the COVID-19 pandemic.

Breaking down the results highlighted huge increases for all sectors. Demand for vans under 2.0 tonnes rose by 884.6% whilst registrations in the between 2.0-2.5 tonne and 2.5-3.5 tonne sector improved by 1,042.7% and 674.2% respectively. The Pickup sector also recorded a 1,425.5% increase.

The Ford Transit Custom van combined with the Ford Tourneo Custom people carrier was crowned best-selling vehicle in the UK in April, outselling every other car and van on the market. The second best selling van was its big brother, the Ford Transit. The Mercedes-Benz Sprinter was third and the Volkswagen Transporter was fourth. PSA also returned a strong month, with five of their product ranges in the top ten places. Year-to-date Ford dominates, with four of its product ranges in the top ten. PSA also feature strongly, with the Vauxhall Vivaro, Vauxhall Combo, Peugeot Partner and Citroen Berlingo positioned in the top ten.

Top five LCV registrations

The effects of the pandemic continue to distress the automotive industry. Further lockdowns and COVID restrictions in many European countries, continue to affect many vehicle producing nations and the wider supply chain. Ongoing semi-conductor, steel, rubber and even wood shortages are now compounding the situation. With this fragile supply chain still at risk of disruption, there is still some way to go before the industry returns to normal. The last year has proved though that the commercial vehicle sector is nothing but resilient. Demand is strong, registrations are up and the outlook is much brighter.

April used Light Commercial Vehicle (LCV) overview

April has seen the used market in resilient form with prices remaining strong with high first-time conversion rates for anything that is retail ready.

The limited numbers of sub 2-year old stock sees buyers continuing to haggle over the best examples, with additional interest from franchised dealer groups ensuring prices have remained strong during April. Only 4% of all stock sold was in this age bracket during the month.

Twenty eight percent of stock sold in April was in the 2 to 4-year-old age bracket, whilst vehicles over six-years old contributed to 39% of all sales. Although medium-sized vans again proved the most popular during April with 38.9% of all sales, prices were down 0.94% on March. Small vans followed with 28.8%, up 13.2% on March and large vans were third with 23.4% up 2.4% on March.

With the SMMT reporting another strong new registration month in April, it is hopeful that vehicle de-fleets will start to find their way into the wholesale market soon. Although this will improve the supply of stock into the used market, there remains delays surrounding the supply of new vehicles to the UK. As a result, prices look set to remain high for the remainder of the year.

April in detail

Glass’s auction data shows the overall number of vehicle sales in April decreased by 6.85% versus March 2021, whilst first-time conversion rates remained steady at 86.9%.

Average sales prices paid in April decreased by 2.84% versus March, but remain 62.78% higher than the same point last year – the first full month of the pandemic. The average age of sold stock increased from 70.8 months in March to 72.2 months in April and was 10.8 months younger than the same point last year.

Average mileages remained static during April, moving from 86,603 miles in March to 86,442 in April (-0.19%). This mileage was 14,823 miles higher than in April 2020.

Glass’s continues to monitor the LCV market closely and has an open dialogue with auction houses, manufacturers, leasing and rental companies, independent traders and dealers as well as the main industry bodies. This information, combined with the wealth of knowledge in our CV team ensures Glass’s valuations remain relevant in the market place.

Originally written for Commercial Fleet.

BEV vs ICE: a race to price parity

Battery-electric vehicles (BEVs) will achieve price parity with their fossil-fuel counterparts across Europe from 2027 at the latest. This is according to the results of a new BloombergNEF study commissioned by the clean-transport campaign group Transport and Environment (T&E).

Electrically-chargeable vehicle (EV) adoption is increasing with help from incentive programmes and expanding model offerings. In the first quarter of this year, BEVs accounted for 5.7% of EU new-car registrations, an increase of 59.1% compared to the first three months of 2020. Plug-in hybrids (PHEVs) took 8.2% of the market, equating to an increase of 175%. Meanwhile, diesel and petrol-powered cars continued to see falling volumes.

However, the automotive industry is still in the early stages of electrification. Presently, those investing in EVs have both the confidence and capital to invest in electric drivetrains. As components, particularly batteries, become cheaper and more technologically advanced, EV price tags should shrink.

Price parity

The segment will dictate a BEV’s point of price parity with petrol in the coming years, with larger vehicles becoming more affordable more quickly. According to the BloombergNEF study, light vans will lead the charge, becoming cheaper than their ICE counterparts in 2025. BEVs in the C and D segments will follow in 2026, while small cars (B segment) bring up the rear in 2027.

Source: T&E

‘EVs will be a reality for all new buyers within six years,’ said Julia Poliscanova, senior director for vehicles and e-mobility at T&E. ‘They will be cheaper than combustion engines for everyone, from the man with a van in Berlin to the family living in the Romanian countryside. Electric vehicles are not only better for the climate and Europe’s industrial leadership, but for the economy too.’

Building better batteries

So, what will be the driving force behind shrinking costs? The BloombergNEF study points to falling battery costs, new vehicle architectures and dedicated production lines as leading factors in reducing price, even before subsidies come into the equation. ‘An optimal vehicle design, produced in high volumes, can be more than a third cheaper by 2025 compared to now,’ the study states.

Source: T&E

Batteries in particular have had an important role to play as they have consistently been the most expensive EV component over the past decade. In the US, they currently account for roughly 30% of an EV’s cost. In Europe, prices are more widely spread, raising the continent’s average battery price above the global average – resulting partly from some lower-volume orders. But as battery prices fall and more optimised platforms are developed, EV prices should follow.

‘New chemistries, better manufacturing methods, innovative cell and pack-design concepts and other factors contribute to average prices per kilowatt-hour declining by 58% from 2020 to 2030,’ BloombergNEF points out. Past this point, new technologies like the solid-state battery will continue to drive down price. These smaller, more powerful units are seeing an uptick in interest from OEMs. Most recently, BMW and Ford led an investment round in Solid Power, a producer of solid-state batteries.

Plugged-in projections

Europe could see 4.3 million plug-in vehicles sold in 2025, representing roughly 28% of the market. BEVs would capture over half of those sales, with the rest made up by PHEVs as carmakers use them to meet emissions targets. In an economics-driven scenario, BloombergNEF believes BEVs could claim up to half of Europe’s market share of sales by 2030 and 85% by 2035.

T&E points out that battery-electric cars and e-vans could reach 100% of new sales by 2035 – including southern and eastern Europe, where initial take-up rates have been comparatively slow. However, this would be dependent upon lawmakers ramping up CO2 targets and producing policies to stimulate market developments including the introduction of more infrastructure. The environmental group states that without these additional policies, battery-electric cars will claim 85% of the EU market and e-vans 83%. This would mean missing Europe’s goal to decarbonise by 2050.

‘With the right policies, battery-electric cars and vans can reach 100% of sales by 2035 in western, southern and even eastern Europe,’ said Poliscanova. ‘The EU can set an end date in 2035 in the certainty that the market is ready. New polluting vehicles should not be sold for any longer than necessary.’

In April, T&E published the results of a poll of 15 European cities showing that nearly two thirds of urban residents support a ban on the sale of new petrol and diesel cars by 2030. Additionally, Volvo Cars, Uber and LeasePlan were recently among a group of companies calling for an end date to new ICE car purchases in Europe no later than 2035. While requests for electrification mount alongside evidence of EV credentials, shrinking price tags will undoubtedly increase adoption rates.

The Van’s Headlights: The Future of the Pick-up Sector

Will the reduced number of manufacturers have a long term impact on this sector?

The pick-up

Created 100 years ago as a purely utilitarian vehicle, the pick-up has transformed into a multi-purpose vehicle often more comfortable on-road than off. With the internal combustion engine ban coming into effect in just eight and half years, what does the future hold for this sector? The pick-up of the future is very much on the horizon and enthusiasts should have much to look forward to, albeit with some uncertainty. Glass’s Chief Commercial Vehicle Editor, Andy Picton, takes a closer look at the current situation and what could be coming our way.

The demise of the pick-up

Mercedes-Benz and Fiat have already ceased sales of the X-Class and Fullback pick-ups. Volkswagen Group ceased production last year of Amarok with a replacement not due until 2022. More recently, Mitsubishi announced that it would cease new sales in the UK during 2021, with the last new L200 likely to be registered during quarter three this year. Equally disappointing is that Nissan has revealed that production of the Navara will stop by the end of this year, with sales ending early in 2022.

On the face of it, a worrying time ahead for the sector. Only the Ford Ranger, Toyota Hilux and Isuzu D-Max remain as major volume sellers, especially with SsangYong in receivership whilst its owner Mahindra and Mahindra looks for a new owner. Over the last decade, the sector enjoyed huge growth, but pick-up sales were down nearly 33% in 2020, with just 35,691 registrations compared to 53,055 in 2019. The Ford Ranger continues to be the best selling pick-up in the UK, registering over 13,000 units or nearly 25% of the overall sector total.

Future pick-ups

On the horizon, there are chinks of light creating hope for the sector, with new product launches from established players on the way. Below the article outlines new launches and, what is in the pipeline together with a look at new ‘disruptors’ preparing to enter the market. There is a chance that some of the disruptors will enter the UK and European markets giving the established brands an overdue shake-up.

Isuzu

Delayed due to the pandemic, Isuzu entered 2021 with the new D-Max pick-up. The vehicle is powered by the same 1.9TD engine but with a new assertive look. The new D-Max is packed with safety features, has a lighter and stiffened chassis and a premium interior.

Toyota

The Hilux facelift is packed with a more powerful 2.8-litre engine under the bonnet. This bucks the engine downsizing trend followed by other manufacturers and is proving popular with customers. The new 201bhp is only available on Invincible and Invincible X trim levels and compliments the existing 2.4D-4D 150bhp model range.

Maxus

SAIC (Shanghai Automotive Industry Corporation) have plans to launch a pick-up in the UK during 2021 or early 2022. Likely to be called the T90, with power from either a 2.0-litre turbo 163bhp, 375Nm or a 215bhp 480Nm twin-turbo diesel engine. Available with manual and automatic transmissions, two or four-wheel drive and with a 5-year, 125,000-mile warranty. Hybrid and full battery-electric versions are expected.

Great Wall

Although not currently operating in the UK, Great Wall has previously sold the Steed double cab pick-up here. Three new pick-ups were launched in China in 2020 as part of their P-Series range, consisting of passenger, off-road and electric commercial pick-up, with over 100 different configurations available. The electric pick-up has a range of up to 500km (310 miles) and a stated charging time of two hours. The P-Series will be Great Wall Motors first global product and although no timeframe is yet available for a possible UK launch, Isuzu who remain the appointed distributor for Great Wall are closely following developments.

INEOS

This British firm is developing a no-nonsense 4×4 to plug the gap left by the old Land Rover Defender. Built from the ground up on an all-new platform, the Grenadier will feature a ladder frame and differential locks. The Grenadier is being engineered in Germany and built in France. Production starts later this year, with customer deliveries starting early in 2022. The Grenadier will be powered by torquey 3.0-litre BMW petrol and diesel engines with automatic transmission and be available as a station wagon and a double cab pick-up from launch. Expectations are for a hybrid and an electric version at a later date. Prices to be confirmed.

Ford and Volkswagen

The next-generation Ranger and Amarok models will be built by Ford under a new alliance with Volkswagen. Using a new shared platform the new pick-ups are due for launch during the second half of 2022. Interestingly, Volkswagen state that there are no plans at this stage to launch a full battery-electric version of the Amarok which may limit the vehicle lifecycle in Europe. Ford may look to use technology implemented in the new F150 EV pick-up in the US for the new Ranger.

Nikola

The Badger is a hydrogen fuel cell/battery electric double cab pick-up that is stated to have an overall 600-mile range, with a 300-mile range on battery alone. This 906 horsepower, 980Nm machine can tow up to 3.6 tonnes and features a separate 15-kilowatt power outlet for tools, lights and compressors, enough to assist a construction site for 10-12 hours without a generator. Expected to go sale during 2021 in the US, European launches are as yet unconfirmed.

Rivian

Founded in 2009 and part-funded by Amazon and Ford Motor Company, the battery-electric R1T double cab pick-up will be on sale in the US later this year. The R1T has a range of up to 400 miles on a single charge and will be available with three different battery sizes. The ability to fast-charge at 160kW will potentially add 200 miles to the range in just 30 minutes. On the downside, its payload is currently only 800kg, which means they have some work to do if they are to qualify for commercial vehicle taxation rules in the UK. Prices in the US start at just below £44,000 for the entry model, rising to nearly £73,000 for the longe range version. European sales start in 2022. Rivian also plans to build 100,000 battery-electric vans for use by Amazon in North America with deliveries starting in 2022.

Bollinger

Looking like a stretched Land Rover Series 1, the B2 battery-electric double cab pick-up features front and rear motors helping to generate 614hp and 668Nm of torque. Unique full-length load capabilities along with a retro-style cabin layout guarantee a standout vehicle, as will its starting price of over £100,000. Orders are being taken for US sales, but at 17.3” long and 7.41” wide, it icle along with a retro ‘old skuiis unlikely that this beast will reach UK shores.

Tesla

Standing at an enormous 19.4” long, 6.3” high and 6.8” wide, the Cybertruck is unlikely to see the light of day in the UK either, because of its size and is unlikely to meet stringent European safety and type-approval legislation. Tesla has hinted that a smaller 300-mile range version for the European market would be considered for a later date.

Sector future

With the reduction in current competitors, Ford, Toyota and Isuzu will benefit in the short term. The demise of Mitsubishi and Nissan has meant there is a general shortage of available pick-up stock. With 10 month lead times, deliveries dates are already stretching into 2022. Extended lead times look likely to remain for some time as production struggles to get back to full capacity, leading to rental companies and fleets placing orders now to guarantee deliveries.

The longer-term future of the pick-up sector looks uncertain. There is still no conventional electric pick-up truck on general sale in the UK, although the whole life cost benefits make ownership an attractive proposition. Environmental benefits and the improved performance of electric propulsion offroad should also make the choice compelling.

The market in Europe and the UK is much smaller overall than in the US, where over three million pick-ups were sold in America in 2019. Unsurprisingly, most of the disruptors are American as the demand there is much greater.

There are currently no electric pick-ups due for launch from the mainstream manufacturers who appear to be prioritising the development of new car platforms to help them deliver their corporate CO2 targets.

With so much potential in the pick-up and LCV sectors for battery-electric power, there is hope that this technology can cascade to electric pick-ups soon, otherwise, this sector is in real danger of disappearing altogether.

Are EVs as green as they seem?

The last year has been dominated by a single health emergency that brought the world to its knees. But for decades, scientists and campaigners have been warning of another impending crisis. As governments put environmental regulations in place, carmakers are transitioning into clean mobility companies. Spearheading this change, electrically-chargeable vehicles (EVs) appear poised to take the helm from internal combustion engines (ICEs). But for this handover to work, these electric models must prove to be environmentally advantageous. Autovista Group Daily Brief Journalist Tom Geggus asks, are EVs as green as they seem?

According to the European Commission, passenger cars are responsible for around 12% of total EU CO2 emissions, putting the automotive industry in the green spotlight. A poll of 15 European cities recently revealed nearly two-thirds of urban residents back a ban on the sale of new petrol and diesel cars by 2030. OEMs and mobility providers are also supporting a faster transition to zero-emission transport. Volvo Cars, Uber and LeasePlan are among a group of companies calling for an end date to new combustion car purchases in Europe no later than 2035. This would leave a large ICE-sized hole for EVs to plug. But considering its entire lifetime, is an electrified vehicle that much cleaner than a petrol or diesel-powered one?

Significantly smaller footprint

Published in March last year, research from the universities of Cambridge, Exeter and Nijmegen showed that in 95% of the world, an electric car has a significantly smaller carbon footprint than one powered by fossil fuels. Dr Florian Knobloch, University of Cambridge fellow, German Federal Ministry policy advisor, and the paper’s lead author, spoke with Autovista Group’s Daily Brief about the findings.

The academic team carried out extensive life-cycle assessments of emissions produced through vehicle use, as well as production and waste processing. ‘When you look at the production stage, it takes significantly more energy and material input due to the battery,’ Dr Knobloch said. But the EV then makes up for this larger burden across its entire lifetime thanks to far lower running emissions.

‘It is a myth that electric cars do increase emissions, even on a lifetime basis,’ he said. ‘In most parts of the world already, today EVs will decrease emissions, even if you factor in everything from production to recycling.’

‘A snowball effect’

When dividing the world into 59 regions, the research revealed that in 53, electric cars are already less emissions-intensive than one powered by petrol or diesel. These regions include Europe, the US and China. In fact, lifetime emissions from EVs were found to be 70% lower than petrol cars in countries like France and Sweden, where large amounts of electricity are generated through renewable and nuclear sources. However, the same cannot be said for counties like Poland, where dependence on coal-fuelled power stations lingers.

But as grids worldwide are rewired with decarbonisation in mind, even these regions will see more reason to go electric. So, as EVs become increasingly efficient, they will outstrip ICEs which have already reached near-peak efficiency. Dr Knobloch points out that even with the inclusion of greener technology like biofuels, there is little chance for the carbon footprint of ICE vehilces to greatly improve.

This transition to electromobility does take time. Confidence in EVs still needs to build up: from the early adopters to the mainstream. ‘Every EV you buy now increases the chance of more EVs being bought in the future,’ Dr Knobloch explained. As consumers are exposed to an increasing number of EVs, a snowball effect will take place with confidence growing alongside adoption, encouraging more people to take the electric leap. The study projects that globally, half of cars on average could be electric by 2050. This would lower global CO2 emissions by up to 1.5 gigatons annually.

A comparative tool

In Europe, clean-transport campaign group Transport and Environment (T&E), found that electric cars emit on average almost three times less CO2 than their ICE equivalent. Again, this figure considers wider impact, including the sourcing of battery materials, electricity production, and even power-plant construction. To illustrate the difference between the lifetime emissions of EVs and ICEs, T&E created a tool to compare drive types, considering the year of purchase, vehicle type and location, as well as electricity used for battery production.

Lucien Mathieu, manager overseeing road vehicles and e-mobility analysis at T&E, spoke with Autovista Group’s Daily Brief. As the tool’s creator, he explained it aims to combat other bias analysis of electric-car emissions, that might rely on outdated data, particularly given the rapid advance of EV technology. Using the most up-to-date information, T&E’s tool reveals CO2 emissions per kilometre, as well as in tonnes over lifetime.

For example, comparing two medium-sized cars bought in 2020, T&E’s tool reveals the electric car, on average, is responsible for 90 grammes of CO2 per kilometre versus petrol with 253 grammes. Considering tonnes of CO2 over distance driven, the EV’s ‘carbon debt’ from production is paid off quite quickly thanks to its low-usage emissions. This compares starkly to an ICE car, which is far less efficient when converting its fuel into movement.

This canyon between EV and ICE only looks set to grow as battery technology continues to advance, while fossil-fuel cars have already achieved close to their peak efficiency. A T&E study recently calculated that an EV battery uses 30 kilograms of raw materials with recycling, compared to the 17,000 litres of petrol burned by the average car.

‘The valuable minerals mined to make electric-car batteries will be used and reused unlike those of oil,’ said Greg Archer, UK director of T&E. ‘Over its lifetime, an average-engined car would burn through a stack of oil barrels, 25 storeys high, creating about 40 tonnes of CO2 and worsening global warming. In comparison, only 30 kilograms of metals would be lost each time an electric-car battery is recycled – roughly the size of a football.’

This gap will increase as advancements drive down how much lithium is needed to make a battery by half over the next decade. Cobalt will drop by over three-quarters and nickel by around a fifth. So, as EVs develop, T&E plans to keep their tool updated with the latest available evidence, as well as expanding its scope to include plug-in hybrids (PHEVs). But of course, EVs also benefit from technologies developing outside of their own powertrains.

Powering vehicles

At the end of last year, more than 3,500 European power companies, represented through the federation for the European electricity industry, Eurelectric, came out in support of a minimum 55% reduction in greenhouse gas emissions by 2030. As more electricity generators and distributors throw their weight behind cleaner-energy solutions, including the use of more renewables, EVs can be expected to become greener.

Speaking with Autovista Group’s Daily Brief, Petar Georgiev, climate and E-mobility lead at Eurelectric, pointed to a larger picture when considering the energy behind EVs. ‘You do have to keep in mind what the actual carbon footprint is in different countries, at different times, and also how it is changing, because for us in the power sector, we clearly see that the grid is becoming cleaner and cleaner,’ he said. ‘But if we have to wait to have a fully renewable grid, and then only start to integrate renewables, that would probably be a very big mistake.’

Because an EV’s CO2 levels can be lowered long before its first charge, it makes sense to take a holistic approach to EV emissions and electricity usage. For example, manufacturers can opt for more efficient production methods, even incorporating renewables into the process. Furthermore, which cars plug into electromobility will be hugely important.

Eurelectric recently identified the electrification of Europe’s vehicle fleets as a ‘catalyst for clean mobility throughout the 2020s.’ The continent’s fleet is made up of 63 million cars, vans, buses, and trucks, operated by private companies or public authorities. The federation explained, however, that despite only making up 20% of the parc, these vehicles account for 40% of all kilometres travelled. They also account for 50% of CO2 emissions from transport. ‘Electrification of car fleets can be a real game-changer,’ Kristian Ruby, secretary-general of Eurelectric said. ‘It comes with tangible reductions of total costs of ownership and CO2 emissions. So, it is a good deal both for fleet owners and society at large.’

While the electrification of vehicles contains the potential to reduce CO2 emissions dramatically, it is enormously dependent upon usage. So, when asked, ‘are EVs as green as they seem?’ the answer is yes, but adoption rates will determine their success.

Auto Shanghai 2021: The key unveilings

Over the course of the last year, motor shows have been postponed, digitised, and cancelled. But as Auto Shanghai opened its doors, the automotive industry got a chance to showcase the latest models up close and in person. Daily Brief editor Phil Curry, senior data journalist Neil King, and journalist Tom Geggus, discuss some of the key unveilings.

To get notifications for all the latest videos, you can subscribe for free to the Autovista Group Daily Brief YouTube channel.

Image: TheNewsMarket

Used Car Market Update- March 2021

Positive outlook as lockdown eases

The big news for the UK was the relaxation of some lockdown rules, which began for dealers in early April. Crucially for the car retail industry, this meant that they could once again open their sites to the general public. As expected, this triggered a rise in auction activity as dealers looked to top-up their stock and prepare for the anticipated rise in demand.

We also saw the introduction of the March registration plate (21 plate), which is an event that typically brings a boost to the used car market with an influx of part-exchanges in the latter part of the month. Auction sale volume saw a marked increase compared with February and an even bigger hike compared to March 2020. The first-time conversion rate also rose in March, up 8.1% from February to 82.7%. This was 6.3% lower than March 2020, but still pretty good considering we were emerging from lockdown.

General bidding activity appeared to improve through the month, although cars requiring work or lacking specification still struggled. Convertible values noticeably improved, buoyed by the approach of Spring and, quite possibly, a more positive outlook as more restrictions are expected to be relaxed over the coming weeks and months.