Overview
UK auctions in February saw a surge of electric vehicles (EVs) driven by increased fleet disposals and more pre-registered stock, nudging average values down by about 1.7% while maintaining strong sale rates. Members of the National Association of Motor Auctions (NAMA) reported brisk conversions in the 70% to 80% range, indicating buyers are absorbing higher supply despite price pressure. NAMA described the overall market as strong heading into spring, with well-presented stock continuing to sell well.
EV dynamics
EVs remained among the fastest-selling categories, particularly for three- to 10-year-old cars. Trade confidence is being supported by more consistent vehicle condition, expanding service know-how, and growing familiarity with EV ownership, helping buyers forecast depreciation and bid more decisively.
Light commercial vehicles (LCVs)
Vans and pick-ups showed mixed performance. Heavier concentrations of similar stock softened outcomes in some cases, but well-specified, well-maintained units continued to attract firm demand and stable pricing—reflecting buyers’ focus on total cost of ownership, downtime risk, and provenance.
Market mechanics
The month’s modest value dip reflects basic supply-demand effects as near-new, late-plate and ex-fleet EVs arrived in waves. Even so, robust conversion rates suggest reserve strategies aligned with active dealer bidding as trade buyers prepared for the traditionally busier spring retail period.
What to watch next
Key tests ahead include whether strong conversion rates can hold if elevated EV volumes persist and if LCV supplies remain high in certain sub-sectors. Auction houses are closely calibrating reserves as seasonal demand builds.
Key figures
- EV volumes high on fleet disposals and pre-registered supply.
- Average values down by about 1.7% month on month, per some members.
- Conversion rates strong at 70%–80%, signaling sustained demand.
- EVs among the fastest sellers, especially three- to 10-year-old vehicles.
- LCV results mixed; quality stock held demand and pricing despite higher volumes.
Stakeholder takeaways
- Fleets/finance: Residuals remain sensitive to concentrated supply surges.
- Dealers: Stock replenishment is feasible; preparation and presentation remain key differentiators.
- LCV buyers: Specification, condition, and documentation continue to command stronger hammer prices.
