Wholesale market continues positive momentum in February, says NAMA

The positive start to the year experienced in the UK’s wholesale vehicle market has continued into February, according to members of the National Association of Motor Auctions (NAMA).

NAMA members have expressed overall satisfaction with the year’s start.

The market has grown by 0.3%, with the strongest performance seen in vehicles priced up to £10,000.

BEVs continue to show slight weakness, down 0.2%, with some older EV models underperforming and newer EV models facing discount pressures.

Petrol vehicles are up 0.6%, with small petrol cars being the most in demand, while the supply of 3-5 year-old vehicles remains challenging. NAMA members also report good conversion rates for this time of year.

LCV segment view

NAMA members continue to report a mixed performance in the LCV segment, though it remains stable.

Observations include an increase in market stock compared to 2021-22, while vehicles with over 75,000 miles are seeing a slight decline in performance.

Concerns also remain regarding the upcoming changes to Benefit-in-Kind tax treatment for double cab pick-up trucks in April.

Paul Hill, NAMA spokesperson said: “After a strong start to the new year, the market remains healthy in February, with NAMA members across the country expressing a shared positive outlook.

“Conversion rates remain strong for this time of year, though the LCV segment continues to show a mixed performance.”

Hill said BEVs continue to face some pressure, down 0.2%, while the supply of three to five year-old vehicles remains challenging.

He added: “Overall, NAMA members are generally pleased with the year’s start.

“It is encouraging to see that the market is in a strong position, with forecasts for March and April also remaining positive.”