Shoreham reports strong conversions and bids on its 60th birthday

Shoreham Vehicle Auctions (SVA) reported strong prices and market-leading conversion rates across its week of 60th birthday celebrations (8-12 November).

Nearly 1,000 buyers attended its three SVA sales, 350 in person and over 600 online to take advantage of its £10 buyer fees, with 576 used cars and vans sold and conversion rates of an average of 82% achieved.

Many of the physical buyers were focused on the NAMA grade 3, 4 and 5 cars and vans, as they inspected them in person to work out the true repair values before making a bid.

The online bidders were primarily bidding on the retail-ready grade 1 and 2 used cars and vans, while several rental companies were looking to bolster stock levels in the absence of new car supplies from the manufacturers.

This included a handful of nearly new cars including a 4,500-mile, 21-plate long range Tesla 3 which sold for £49,500, the same as its current retail price.

Car prices have softened very slightly since the October half term holidays but conversion rates and bid volumes remained high as dealers fought to buy stock for their forecourts. Meanwhile, used van prices have remained consistently high with contract hire and rental fleets guarding any stock they have in the knowledge they will not see volumes of new stock anytime soon.

“The week was all about the buyers and many invested the money they saved on their £10 buyer fees back into bidding more for vehicles urgently needed to keep their forecourts full,” explained Alex Wright, SVA’s MD.

“It was a good week with different sets of buyers attending in search of specific stock. This has set the tone for the market for many months to come with our auction delivering different grades and values of stock for franchised dealers, car supermarkets and independent used car dealers,” he added.