Pre-sale used car valuations achieved during lockdown, says BCA

BCA Valuations reports that pre-sale valuations averaged 100.2% during the first weeks of the Covid-19 lockdown in virtual sales held by the vehicle auction company.

BCA’s Virtual Sales are held in real time with competitive bidding and accessed through BCA Online and the BCA Buyer app. 

It says its Decision Intelligence team has kept abreast of the complex and evolving picture in the wholesale sector, ensuring sellers have real-time data to inform remarketing decisions. 

Ben Downe, Decision Intelligences director at BCA, explained: “Given the rapidly changing circumstances the used car sector is operating under, it is imperative we deliver accurate and timely valuation data for all our customers, both buyers and sellers alike.”

He says that the BCA Valuations model is accurately reflecting the current trading environment and averaging 100.2% of current virtual sale auction prices. 

“We continue to monitor market performance to ensure we maintain that level of accuracy,” he added.

“This insight is helping BCA customers to trade with confidence in a difficult marketplace and is critical to keeping the used vehicle sector moving at this time.”

BCA has put in place processes to help customers acquire stock safely, with more than 16,000 vehicles consigned for online sale. 

The insight on what values are being achieved at BCA come as Cap HPI reported that initial analysis of the impact of the coronavirus pandemic on used car values does not show a “seismic” shift in prices being achieved.

However, it is urging caution and warned vendors to expect “volatile” price movements over the coming weeks.