Thursday, June 12, 2008
Economic slowdown hits auction market
Manheim Auctions warns of sluggish used car sales
The economic slowdown has now spread to the car auction market, according to Manheim.
The auction group said that following a strong first quarter the market started to slow mid-way through quarter two.
Average used car wholesale values in May 2008 were £6,768 which is 4 per cent below the average values in the January to April period.
The hardening of the used car market has resulted in auction conversion rates have falling by 4 – 9 per cent, depending on sector.
Manheim said this was reflected in auction sales volumes falling by an overall 12 per cent in the month against April.
DATED: 12.06.08
FEED: MT
The economic slowdown has now spread to the car auction market, according to Manheim.
The auction group said that following a strong first quarter the market started to slow mid-way through quarter two.
Average used car wholesale values in May 2008 were £6,768 which is 4 per cent below the average values in the January to April period.
The hardening of the used car market has resulted in auction conversion rates have falling by 4 – 9 per cent, depending on sector.
Manheim said this was reflected in auction sales volumes falling by an overall 12 per cent in the month against April.
DATED: 12.06.08
FEED: MT
