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Motoring news

'Massive buyer demand' fuels used car auction records

19/02/2009

Used car sales have set two January records, according to British Car Auctions (BCA).

The company says that it sold an average of 13,000 used cars every week last month - more than it did during January in any previous year - while the proportion of successful car auctions rose above 90%.

On the last Friday of the month, BCA recorded an average successful transaction rate of 92% - the highest since the company was founded in 1946.

The average price for used cars also rose for the third month running, up £300 from December.

In recent weeks, other indicators have suggested that the fall in the number of used cars sold might be coming to an end. Earlier this month, valuation experts EurotaxGlass's said that "historically low" prices were improving retail demand.

BCA's UK managing director, Andrew Hulme, said: "Used car values fell sharply in 2008, but the rate of decline slowed in November and December, and in January this decline was completely turned around with a significant upswing in demand and prices."

"The real test will be over the coming weeks and will depend on any sustained retail demand those dealers experience."