Dealer Auction reports ‘buoyant’ first quarter

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The total number of auctions end rocketed while bids increased dramatically, representing a healthy and ‘buoyant’ used car market, according to Dealer Auction.

The total number of auctions ending on Dealer Auction almost reached 34,000, which is 1,000 more than the total recorded in Q4 2023. Stock listed attracted 253,000 bids in Q1 compared to 198,000 this time last year, representing a 19% increase.

Sellers made around £3.3m in trade profit in Q1 and buyers are voted with their bids.

The number of diesel vehicles sold decreased but sales of hybrids and EVs increased, suggesting more eco-friendly cars are arriving on the used car market.

A shortage of younger vehicles on the used car market has been a concern since the pandemic when production of new vehicles was temporarily halted.

Bigger cars were the key margin winners on Dealer Auction, the Land Rover Discovery and the Volvo XC90 were amongst the highest earners for Q1. Land Rover and Volvo held the top four spots while the Mercedes Benz C Class followed.

Family cars led CAP clean performance, including the Vauxhall Mokka and Vauxhall Zafira, but the Citroen C1 city car was also included in the top five.

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