Car auctions report record-breaking salesDemand for used cars outstrips supply in early '09
16 March 2009
A record number of used cars were sold at auction in the first few months of 2009, figures from the Society of Motor Auctions (SMA) show.
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The SMA, which represents the UK’s motor auction businesses, said buyers were also paying ‘significantly higher’ prices for used cars than at the end of last year.
Auction houses continued to report record sales until just before the plate change in March, when used-car volumes began to dwindle, the SMA said.
Record-breaking car auctions
The record-breaking performance marks a drastic improvement from the end of 2008, when were low and auctions were quiet.
SMA chairman David Scarborough said: ‘The auctions sector late in 2008 reflected the overall gloomy trend in the retail car sector with price reductions, little activity, and very few deals being struck.
‘The start of 2009 looked healthier as most auctions had large volumes of cars already carried over from December. But we were about to experience a serious and exceptional demand that would outstrip supply immediately.’
Demand for used cars
In January, as sales of new cars plummeted, demand for used cars rose by about 20%. But it is now thought the auction boom will come to an end without an upswing in new-car sales.
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