Used cars have been sold and bought at auctions more often this year. Interest grew due to a shortage of new offerings – the used car segment was down just 20% against the backdrop of a 60% drop in new car sales.
Dealers are looking for machines to replace the trade-in channel. So far, the proposals have been secured due to the massive sale of commercial vehicle fleets and the desire of individuals to sell the car quickly. Until this year, about 10-20% of the dealers participated in auctions, now that is already 60-70%.
In 2022, the used car auction market in Russia will grow by 40%, according to auction site Carlink. The largest growth was recorded in the passenger car and commercial vehicle segment.
Auctions are a way to replenish stock. And we’re not talking about bankrupt auctions involving a small number of dealers. The main auctions are from leasing companies, importers and others. On the auction market, companies that have left Russia or reduced their presence are actively selling vehicles. Someone reduces the number of used cars by switching to company taxis, while someone sells their fleet completely.
However, market experts believe that this situation is “situational” and everything can change quickly.
Source: kommersant.ru
A picture: Semyon Lichodeev/TASS
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Anika Rood is an author at “Social Bites”. She is an automobile enthusiast who writes about the latest developments and news in the automobile industry. With a deep understanding of the latest technologies and a passion for writing, Anika provides insightful and engaging articles that keep her readers informed and up-to-date on the latest happenings in the world of automobiles.