Car market continues to rev up
THE car auction market continues to boom courtesy of continued tough credit controls and increased demand from a buying public unable or unwilling to buy new vehicles, says Park Village Auctions.
PVA holds its next, and one of its largest, car sales to date with some 250 vehicles on the inventory on February 10.
It will be held at Gate 5 Nasrec showgrounds, Landbou Street, in Johannesburg South, and starts at 10.30am.
The sale will feature a number of exotic vehicles and a strong line-up of motorcycles.
"Park Village Auctions has emerged as a leading player in the market, and the trends we identify are a pretty accurate reflection of the market in general," says PVA's Clive Lazarus.
"In that context, stand by for an influx of even more good quality, low mileage re-possessed cars in the coming months," adds Lazarus.
That's good news for bidders in that dealers are not re-stocking strongly with second-hand vehicles partly because of slow new car sales and the leasing companies, which are withholding much of their used stock to ensure they have sufficient vehicles for the World Cup.
"Our recent auctions have been an excellent mix of vehicles, from executive vehicles to LDV's, supplied by the likes of Absa, Debis Fleet Management, Standard Bank Vehicle & Asset Finance, Nedbank and BMW Financial Services."
A quick assessment of the portfolios on offer this year suggests several things are happening, says Lazarus.
"Firstly, the choice is broadening and buyers are beginning to see an even wider selection. Also, it's interesting to note the number of up-market vehicles on offer.
"Clearly, the economic picture is still having its effect although new car sales are reportedly picking up slightly.
"This indicates buyers who have financed their cars to the hilt are still feeling the pinch, notwithstanding the fact that interest rates remain steady.
"Also, media reports suggest that the middle class is still taking strain in the interest rates front, something that affects everything from house mortgages to financed durable and semi-durable goods, including, of course, motor cars. All this adds up to a happy hunting ground for the prospective car auction buyer."
lFor more information, contact 011-789-4375 or 011-789-4375/6/7 or the PVA website: www.parkvillageauctions.co.za