Online sales help used car market bounce back across Europe
The used car market has bounced back across Europe as online sales become the ‘new norm’.
March 2021 used car sales were up 49.1% on March 2020, according to Indicata’s latest Market Watch report, and up 13.8% on the pre-pandemic March 2019 figure. Volumes are also up 24.5% over February 2021 and 5.4% higher year-to-date.
Austria and Italy, amongst the first European countries to be hit by the pandemic, are now seeing the strongest sales recovery, operating at 138% and 111% year on year, respectively, in March.
In Austria, used car sales saw a significant increase of 29% from February 2021 to March 2021. And in Italy, its March 2021 figures were 20.4% higher when compared with March 2020.
Dealers are also being supported by manufacturers with a large push in tactical registrations; March saw a 41% increase of sub-12-month-old vehicles from February 2021 to March 2021.
All powertrains witnessed double-digit growth in month-on-month used car sales, with hybrids growing by 40% – outperforming battery electric vehicles (BEVs) at 32%, petrol at 28% and diesel at 21%.
But diesel continued to be the fastest-selling type of powertrain, with a stock turn of 7.4 compared to petrol at 6.9 while BEVs were the slowest-moving stock at 4.1.
Andy Shields, Indicata’s business unit director said: “Going into April 2021, stock levels vary greatly by country, with some markets overstocked whilst others are heavily constrained.
“With a consistent pool of three-year-old vehicles, we would expect the lifecycle to show a steady downward movement in average prices month-on-month, but with excess stock in some markets and a shortage in other markets prices are quite volatile.”