25 March 2019 Dealers held significantly higher levels of used car stock in February 2019 than they did 12 months ago, according to the latest Market View from Motors.co.uk.
- Dealers stocked average of 66 used cars in February, up 12% year-on-year
- Average year-on-year days in stock remained at 44 days
- Vauxhall Vectra fastest selling used car on Motors.co.uk
The monthly analysis shows the average dealer increased year-on-year stock levels in February from 59 to 66 cars, while average days in stock remained unchanged at 44.
The Market View also reveals how independents sold used cars faster and held lower stock levels than their counterparts in the franchised sector.
“Used car forecourts were busy in February with dealers achieving a solid performance of 44 days in stock, compared with the 47 days it was taking them to sell cars in January,” said Dermot Kelleher, Motors.co.uk’s director of marketing and business intelligence.
“However, the rise in stock volumes suggests some dealers were carrying extra vehicles with an average of seven additional cars per forecourt, potentially in an attempt to maximise conversions from forecourt visits to sales by ensuring they had more choice. While this is clearly good for buyers, some dealers would have been nervous at making the extra investment and will be looking to trade those cars as quickly and profitably as possible,” said Kelleher.
Stock levels in franchised sites averaged 62 cars in February, taking 49 days to sell. Independents averaged 46 cars in 46 days, while supermarkets stocked an average of 1,950 cars and averaged just 30 days in stock.
Diesel accounted for 50% of used cars for sale in the market, down from 54% 12 months ago, with petrol growing from 44% to 50%.However diesels sold faster than they did 12 months ago at an average of 43 days, compared with 56 days last year. Petrol cars averaged 44 days in stock,compared with 42 days a year ago.
The fastest selling car on the Motors.co.uk platform in February was the Vauxhall Vectra, selling in just 26 days, followed by the Volvo V70 (27 days) and Peugeot 206 (28 days).
To view the February Market View please click here