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Online search data and car buyer survey data has led What Car? to assert that there “healthy demand building in the market” ahead of April’s re-opening of showrooms across the UK.
The consumer magazine said that leads to its New Car Buying service were up 11.8% week-on-week during March, with online traffic to the new car deals pages of the What Car? website up 18.1% against the first two weeks of February.
Its latest industry research of 2,946 in-market buyers found consumers are beginning to accelerate their new car purchases.
Nearly a quarter (22.9%) of participants taking part in What Car?’s weekly industry study are now looking to make a purchase in the next three months, while 15.2% are set to buy in the next four weeks – only 19.5% are looking to buy in more than six months’ time.
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The National Association of Motor Auctions (NAMA) has said that first-time conversion rates are set to rise as used car demand increases with the easing of COVID-19 lockdown restrictions.
While physical auctions remain closed to traders during ‘Lockdown 3’ head of NAMA, Louise Wallis, said that sales activity is already on the rise as car dealers begin to stock their forecourts ahead of the arrival of demand pent-up over recent months.
Wallis said: “The latest NAMA survey shows strong demand from dealers for forecourt stock. This is due to an expected rise in consumer sales post-lockdown. The auction market is expected to remain strong over the next few months to fulfil this demand.
Click the thumbs up >Car auction firms believe that values for used petrol and diesel cars will remain strong or could increase, despite a decline in the used car market.
Motor auction members of the National Association of Motor Auctions (NAMA) have told the trade body that internal combustion engine vehicle values have held steady during the recent lockdown in the United Kingdom.
In a recent survey it found that 90% of respondents believe both petrol and diesel values would remain strong or further increase. Auctioneers also say first time conversion rates are performing well, with 67% expecting rates to increase over the next month, with the remaining 33% expecting them to stay the same.