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.” 

In next week’s webinar we’ll be joined by @mikejonesase to talk through what the latest budget means for retailers. We’ll also discuss what independent and franchise retailers can learn from each other as they prepare to reopen physical forecourts > https://t.co/rKjsWxrWjN https://t.co/tTxqOKW63A
Our teams were delighted to be a part of #BreakoutForBen, raising £12,225 towards the staggering total achieved by all who took part @BenSupport4Auto https://t.co/JqHkpGF9cE
To celebrate #InternationalWomensDay on Monday 8th March, we'll be hosting a webinar centred around this year’s theme #ChooseToChallenge. Find out more and register at https://t.co/z83jRsYDtp https://t.co/Yfvh2KkK1A
Our Data & Insight Director @therickw shares our latest audience data along with what we are seeing in terms of overall market and retailer performance. https://t.co/r5vdGHI1UM
In our next webinar we welcome back @mikejonesase ,chairman of @ASE_Global, to give the latest update on government financial support and answer your questions which you can pre-submit by following the instructions below. https://t.co/al6EzwaeJ3
Whilst the latest data from the @SMMT shows new car registrations were down -35.5% last month, we’ve seen a significant increase in new car engagement on our marketplace. https://t.co/NWLpyJ1j2W
Our Retail Price Index, which is based on daily pricing analysis of circa 900,000 vehicles, revealed the average price of a used car in February was £14,096: a YoY increase of 6.6%. https://t.co/HrAEkAqpOV
From May 1st admin fees will be displayed on your full-page adverts. Fees will not appear in search pricing until later this year. https://t.co/ernaPgaJsL
Buyer's confidence in being able to afford their next car remains extremely high. https://t.co/ktR6FungW8
First up our Data & Insight Director @therickw shares our latest audience update. Last week audience grew 8.8% compared to the same time last year, with our marketplace seeing an average of 1.4 million users each day last week. https://t.co/fNyeiSr1AG

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