Cox Automotive, the world’s largest automotive service organisation has announced that they have recorded strong figures across the board for their wholesale and retail businesses throughout September. The company has published that Manheim has seen a strong 16% monthly uplift in the in the average overall sold price of vehicles throughout their physical and online car auctions. The vehicles’ sold price has increased from £6,241 in August to £7,271 in September, or 25.3% year-on-year.
Another strong result that has been posted by Cox Automotive is that the average mileage for vehicles sold by Manheim has seen a decrease of 5% from August to 55,941. This decrease in mileage is representative of a 10.6% year on year reduction. The auction company has also said that the strong level of growth that has been seen is a reflection of the increased quality of the vehicles sold. The vehicles that are ex-fleet have had a particularly strong month, with the average sold price increasing 15.4% in comparison to last month and the average mileage has decreased by 9.7%.
Continuing the strong results that have been released by Cox Automotive, Dealer Auction, the largest UK trade-on-trade online auction platform has announced an average value increase of 6.8% from August to £4,702.
Looking into the retail market, Motors.co.uk has also followed the trend seen over recent months that has seen the company remain steady throughout September, with average sold prices across the platform increasing by 2% since August to £14,024. This increase seen by Motors.co.uk is representative of a 14.1% increase year-on-year. NextGear Capital, the wholesale stock funding business has also seen growth throughout September with a 3% increase in units funded and a 3.6% increase in the average cost of units.
Cox Automotive UK has said that although the published SMMT data has seen the number of new cars registration fell for the first time in six years, it has still been a busy month for the automotive industry.