The prices of both used cars and light commercial vehicles (LCVs) sold at auction have increased, according to the latest monthly reports from the National Association of Motor Auctions (NAMA).
They show that during February the average value of used cars sold at auction across the board increased from £4,856 to £5,359, equivalent to a 10% increase between January and February.
NAMA executive committee member Tony Gannon said: “During the first two weeks of March it has been evident that competition among buyers remained fierce for the most desirable cars.
“However NAMA members are now reporting a downturn in auction activity as the increase in supply caused by the new March plate meets the normal seasonal decline in retail activity.”
The February report on LCVs shows that average values at auction were up 2% from £4,315 to £4,387 between January and February.
Total sales rose in February from 6,138 to 6,523, representing a month-on-month increase of a 6%.
NAMA chairman Alex Wright commented: “It is encouraging to see that 2013 is shaping up to be a strong year for the LCV auction market.
“The underlying strength of the market achieved last year has provided a solid foundation for 2013 which NAMA expects to continue to improve during 2013.”