Wholesale used car prices have declined for a fourth successive month at BCA remarketing centres across the UK as chief operating officer Stuart Pearson asserts “we have seen the market soften”.
BCA and cinch owner Constellation Automotive Group has received the regulatory approvals required from the Financial Conduct Authority (FCA) to complete its acquisition of Marshall Motor Holdings.
Prices for used LCVs at auction have slipped below guide estimates as greater levels of stock enter the market.
Wholesale used car values declined by 5.9% in March as external economic pressures, the cost-of-living squeeze and the ramifications of the conflict in Ukraine ensured a “tougher” market for retailers.
Used vans continued to achieve near-record prices at BCA auctions last month, but external economic pressures are starting to alter buyer behavior.
BCA has suggested that high used car valuations could prove a “safety net” for car retailers as Russia’s invasion of the Ukraine compound cost of living concerns to impact consumer confidence.
Used car values were up 13.2% year-on-year in December as BCA’s programme of festive auctions delivered a near-25% sales boost during the last week of 2021.
BCA is hosting regional apprenticeship open days to meet potential candidates interested in embarking on a career as a large goods vehicle (LGV) Driver.
BCA said that the wholesale used car market showed signs of moving towards a “more stable” footing after average sold values declined by 19% in two months.
Used LCV values rose during November at BCA as demand grew steadily for vehicles to service the online and home delivery sector in the run-up to Christmas.
A stabilising of values in the used van market in recent months may highlight “what’s to come” for the used car sector, according to remarketing giant BCA.
Constellation Automotive’s £201.6 million offer for a 64.4% controlling stake in Marshall Motor Group has been described as a “done deal” after an ‘undertaking to accept’ was published via the London Stock Exchange.
Used car values remained at their second highest level ever in a “frenzied” 2021 market at BCA’s auction in October, despite showing signs of “easing back” in the month’s latter stages.
Constellation Automotive claims to have reached “unmatched scale” in automotive retail after expanding its car retail operations into Europe with the acquisition CarNext.
Used car values are likely to rise to “another new level that once didn’t seem possible” according to BCA chief operating officer Stuart Pearson.
Constellation Automotive’s cinch online car retail platform has strongly denied “far-fetched” rumours that it is lining up an approach to acquire used car supermarket giant Motorpoint.
Batchelors Motor Group has signed an exclusive remarketing partnership with BCA, offering up to 1,000 vehicles from BCA Leeds over the duration of the 12-month deal.
Manheim has secured a contract with Peter Vardy for the Scotland-based dealer group to remarket at least 4,000 unwanted vehicles annually through its auctions.
The average selling price of a used van has remained above £10,000 for the second consecutive month, at Manheim auctions.
Car retailer Parks Motor Group is at the centre of an £8 million Scottish Football sponsorship spat involving Rangers FC and cinch.
