February 2020 Market View from eBay Motors Group
- Dealers selling cars faster with average days in stock reduce year on year from 40.3 to 37.9 days
- Supply of stock continues to be an issue with volumes down year on year and month on month
- Suzuki Jimny is the fastest selling used car in February
19th March 2020 Despite the Met Office declaring last month the wettest February on record, dealers capitalized on strong consumer demand, selling used cars faster than 12 months ago, according to the latest Market View from eBay Motors Group. This was tempered by an ongoing decline in the availability of used cars in the market.
Days in stock for February across franchised, independent and supermarket sites averaged 37.9 days, compared with 40.3 days in February 2019.
Dealers also achieved a significant month on month improvement with average days in stock reduced by almost a week (6.4 days) from 44.3 days in January.
"Despite the wet and windy weather, used car sales showed signs of good trading in February, with vehicles on average selling 6% faster year-on-year", said Dermot Kelleher, head of marketing and research at eBay Motors Group.
"However, this overall increase masks variations by price segment, with improved speed of sale being driven by vehicles under £15,000, which sold on average 3 days quicker than last year, in contract with vehicles between £15,000 and £40,000, which sold a day slower.
Stock volumes across all dealers averaged 55 units, a year on year decrease of
15%, down from 64.5. Stocking levels were also down on January's average of 58.2 units as dealers continue to experience limited supply in the wholesale sector.
The eBay Motors Group Market View also showed the continued demand for used diesel cars, despite the collapse in registrations in the new market. Days in stock dropped from 39.7 to 38.2 days, while the diesel accounted for 47.1% of dealer stock mix, compared with 48.4% in February 2020.
The fastest selling used car in February was the Suzuki Jimny, taking an average of just 20 days to sell. Followed by the Peugeot 206 at 23.7 days and the Citroen DS3 at 24.7 days.
The fastest selling premium car was the Range Rover Velar, averaging 28.3 days to sell.
You can see the full February Market View Report here