New data released by Manheim and Cox Automotive has demonstrated another positive month for the used vehicle sector. 

In the wholesale market, Manheim, reported a leap in the volume of vehicles coming through its auction lanes during October, up 6.3% from September. The average mileage for vehicles sold was up 1.8% to 62,158, while the average selling price of vehicles dropped slightly by 2% on September to £6,242, reflecting a change in the mix of stock going through the lanes.

The data comes as the Society of Motor Manufacturers and Traders (SMMT) reports another disastrous month for the new car market, which fell 2.9% in October as model changes and backlogs caused by WLTP emissions testing continued to cause shortages. Declines were seen in both private and fleet sectors, with registrations down 1% and 5.2% respectively.

Reflecting the uncertainty over government policy on diesels, registrations of petrol cars rose 7.1%, and alternatively fuelled vehicles experienced strong growth, up 30.7%.

Commenting on the results, Philip Nothard, Customer Insight and Strategy Director - Cars at Cox Automotive, said: “The SMMT figures released this week demonstrate the continued pressures on the new market. WLTP continues to impact the supply of new cars to dealers, and while the demand for hybrid and plug-in vehicles looks strong, the figures are behind Government ambitions. 

“In contrast, the used market continues to gain pace. Volume across our wholesale auctions rose steadily throughout October, and good quality, ready to retail product continued to sell well. Attendance at all auctions nationwide was high and we’ve seen a greater willingness by dealers to travel further to obtain good stock. As expected, vehicles that require reconditioning work have proved more difficult to shift and as such, we have seen great results for vendors who offer vehicles that need little to no post-auction attention.”

“As we head towards the end of the year, the market - especially in wholesale - will continue to ride on the coat-tails of a strong autumn, with prices holding steady until January. Losses incurred as a result of the stunted new market will continue to spur on the demand for used, with dealers investing even more greatly to replenish lost new car revenues.”