Park Village Auctions is set to host a “bumper” online vehicle auction on Wednesday as demand for quality, late model, used cars surge.
Continuous waves of the pandemic have forced prolonged lockdowns here and globally, resulting in a shortage of new vehicles arriving in South Africa. As such, buyers are turning to reputable repossessed car auctions to get their hands on the latest models available, says PVA’s Clive Lazarus.
According to Lazarus, evidence of rising second-hand vehicle demand can be seen in PVA’s recent sales performance: “the prices fetched at our previous auctions have been relatively higher than what was achieved a year ago.
“After nearly forty years in this business, whenever we see this trend, it is due to either car demand outstripping supply or significantly high prices for new vehicles. In this current economic climate, we facing both.”
The latest TransUnion data echoes these findings, reporting that used vehicles sales have increased 7.4% in Q1 2021 compared to the same period last year. A press release that accompanied these results said: “The combination of low-interest rates and low inflation was not enough to lure consumers into new vehicle purchases, with demand for quality used vehicles remaining high.”
When such conditions exist, Lazarus says that buyers favour auctions over other channels to acquire newer wheels for numerous reasons. Namely:
Concluding, Lazarus adds: “The range available under one roof, so to speak, is the final pull factor. Buyers don’t have to waste time running around to compare deals. We have a broad range of makes and models to suit every appetite from entry-level hatchbacks to light commercial workhorses, 4X4s and luxury SUVs.”
PVA’s national webcast auction will commence at 10:30 am on Wednesday the 14th of July. The available assets are located throughout South Africa, with viewing held on Tuesday the 13th of July from 9 am to 4 pm from the following PVA branches: