Overpricing slows trade

Used cars that are overpriced take at least 10 days longer on average to sell than other models on the market, according to the latest figures from Apexdealerdata.com.

The platform’s AI-driven decision engine works out the best price for the quickest return and most value for a car and categorises models in that band as being priced on-market.

Last week, cars considered on-market by Apexdealerdata.com took an average of 49 days to sell, while units rated as overpriced remained on yards for an average of 59 days.

Matt Grant, chief executive, says vehicles falling into the underpriced category sold in an average of 46 days but dealers missed out on a potential extra return of $2,158 when compared with on-market cars.

He adds 4,681 used cars were sold across the country last week and 35 per cent of stock was underpriced.

The average number of sales per dealership came in at seven, with the best performer selling 24 units.

The Apexdealerdata.com market reports appear every Monday on Autofile Online. For more details, visit www.apexdealerdata.com.