Press release

SMMT used car transactions | Q2 2019

Auto Trader's Commercial Director, Ian Plummer, provides his view on the latest used car transactions from the Society of Motor Manufacturers and Traders (SMMT)

Ian Plummer, Commercial Director:

“Whether it’s the Conservative leadership race, the new prime minister, or the increased likelihood of a no-deal Brexit, consumers have faced significant turbulence over the last few months. It should come as no surprise therefore, that despite its resilience, the same consumer uncertainty that is so profoundly affecting new car sales should impact the used car market too.

“We can see further evidence of this reflected on the average second-hand retail prices. According to the latest findings from the Auto Trader Retail Price Index, which analyses over half a million industry data points, the rate of growth in used prices has stalled: for the first time in three years, the rate of price growth is in actual decline, slowing to just -0.7% in July. 

“However, despite a disappointing picture, the huge growth in alternatively fuelled vehicles offers a real bright spot. Whilst off a small base, the growing appetite for low emission cars is helping to offset the fall in petrol and diesel registrations. It’s having a similar impact in terms of used prices too, with the average price tag of a pure EV surging 9.5% last month.

“If further evidence was needed of the opportunity AFVs represent for the industry, the 2015 Renault Zoe is currently the UK’s fastest selling used car, taking an average of just 23 days, closely followed by the 2018 Kia Niro hybrid at 24 days. It clearly highlights the desperate need for a clearer and more compelling narrative from the government to encourage consumers to make a switch from fossil to electric.” 

According to our latest pricing snapshot, the strong growth in used car prices has continued into September. The average cost of a used car grew 7.4% YoY last week, marking 19 weeks of consecutive growth. Read the results in full here: https://t.co/TX88xlBOpU https://t.co/xEszb3JolF
In our latest blog post - we speak with Rob Keenan, joint MD at @DriveVauxhall about how the last 6 months have been for the franchise group and what lessons they have learnt that they have implemented through the 70’s plate change. https://t.co/FJefiRvQrU
A perfect review score isn’t everything. Most buyers trust reviews more when they can see a mix of reviews along with how the retailer handled the customers feedback. Which begs the question, how much emphasis do you place on reviews and are you responding to each one? https://t.co/0OFqGVrEJb
Sourcing stock is one of the main challenges retailers face right now. That’s why it’s critical to be diversifying your stock profile – something that has been key to @DriveVauxhall managing to keep stock flow at normal levels through these challenging times! #atinsightoftheday https://t.co/CWBIOeCKDp
Be sure to register for our next webinar where Nathan Coe, CEO, Auto Trader will be speaking with @MarshallMotorGp. This is not one to be missed so register now - https://t.co/lWu984OeRI https://t.co/fnnG3OgNWM
Now it's over to @chrispenny222 who has announced he has man flu (not covid)! He's also hear to announce our new masterclass programme... https://t.co/NPyRXsRxWV
Huge thanks to Rob and @DriveVauxhall for joining our #webinar today. We'll be sharing the interview on our blog tomorrow so stay tuned!
Over to our interview with Robert Keenan, Managing Director of @DriveVauxhall - we've been looking forward to this one! https://t.co/OzSEigKg2J
Over to @MarcThornboroug for a few key updates! https://t.co/guf1A9dX1n
On to pricing now where we're seeing petrol and diesel prices up by 8% with #alternativefuel vehicles seeing a slight decline in prices.

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