The total value of used car sales in the UK last year reached record highs of £45.1 billion, new figures have revealed.
According to the 25th edition of the BCA Used Car Market Report, the combined value of used car sales in 2014 rose by 5.6 per cent year-on-year, coming in £2.4 billion above the 2013 total. The study also found that car ownership is on the rise, increasing from the five-year low of 69 per cent of households in 2014 up to 75 per cent of households in 2015.
Importantly for used car dealers, with the value of sales on the rise they must ensure that their own used cars that they store on their premises are protected. Cars are always a desirable target for thieves, but with the market booming this threat could be heightened - a motor trade insurance policy can provide financial cover for a dealer's stock in case they should be damaged or stolen while sitting in the showroom.
Spencer Lock, BCA group managing director, said: "Used car market values rose to record levels, as did the combined value of new and used cars sold as a record-breaking £88.5 billion was spent on used and new cars last year.
"A total of 7.2 million used cars were sold last year as the market maintained a strong performance."
He added that when combined with the data from SMMT's reports about new car sales, there was a combined market churn of 9.7 million cars changing hands, which is a figure only beaten in 2003.