Strong used car demand in March boosts first quarter sales for dealers, according to the Cazoo & MOTORS Market View.
Days to sell improved and prices continued to dip. Car supermarkets sold 24% more stock month-on-month (MoM) and 25% more year-on-year (YoY), franchised dealers were up 17% MoM and 7% YoY. Independent sales rose 7% MoM but declined -8% YoY.
Lucy Tugby, Marketing Director of Cazoo & MOTORS, said: “Many dealers experienced a strong March as consumer demand was boosted by good availability and competitive pricing. This was reflected in the best month we’ve recorded for lead generation across the Cazoo & MOTORS platforms.
“Our data shows some strong performances being achieved across all car retailing sectors, with franchised dealers retaining their used car focus during the plate-change.”
Buyer demand in March saw days to sell drop to 25, five days fewer than February and seven days less than January.
The fastest average sales were achieved by franchised dealers (18 days), followed by car supermarkets (20 days) and independents (43 days).
Buyer interest was boosted by average prices tracking at their lowest rate since last summer, averaging £17,556, down -0.8% (£133) MoM but up 0.9% (£149) YoY.
Used EV prices dipped to their lowest level at £22,174, down -1.8% (£398) MoM and -9% (£2,138) YoY, marking the sixth consecutive price drop. Hybrids averaged £23,896, down -0.5% MoM (£122) and -4% (£990) YoY.
Average dealer inventory levels remained unchanged MoM at 52 units, up marginally from 50 units 12 months ago.
Petrol accounts for 49% of vehicles stocked by dealers, followed by diesel at 30%, both down YoY at -1% and -10% respectively.
EVs account for one in 10 vehicles stocked by dealers in March, a new high, marking a 3% increase MoM and 42% leap YoY. Hybrid volumes were unchanged MoM at 11% but up 10% YoY.
