Pickles Automotive Report

Sydney, 25 October, 2024 - Australia's leading motor vehicle reseller, Pickles, has released its Q3 2024 Quarterly Automotive Report, revealing record sales and pivotal shifts in market dynamics as the automotive sector returns to pre-COVID seasonal patterns.

The report highlights an over 40% year-on-year increase in used car sales, marking the highest sales volume in over four years, alongside emerging challenges within the electric vehicle (EV) segment.

Key Insights

• Return of seasonality: The third quarter (July-September) marked the return of seasonal trends for the first time in four years, indicating greater stability and resilience within the used car market.
• Rising repossessions: Driven by ongoing cost-of-living pressures and high interest rates, repossessions have increased, contrasting with trends from 2023.  This trend underscores the economic challenges faced by Australian consumers. However, volumes of repossessions continue to remain materially below pre COVID levels.
• EV Value Decline: Despite rising EV sales, values for used EVs have declined, now falling below those of hybrid and ICE vehicles.  This shift is driven by factors such as price adjustments in the new car market and increased volumes and availability.
• Record Sales Volume: With over 20,000 vehicles sold, Pickles continues to set post-COVID records, underscoring strong consumer demand for used vehicles.

Fraser Ronald, Chief Commercial Officer at Pickles, comments: "Our data shows a normalising market, but we're also seeing notable pressures on EV values.  These trends will be important to monitor as they could reshape consumer preferences over the coming years."

The report delves into the impact of recent price cuts by major EV manufacturers, which have impacted down used EV values, while the growing share of EV purchases by end-users - now at 60% - suggests a strengthening interest in electric vehicles amidst these changes.  With EVs becoming more affordable and accessible, Pickles remains a primary destination for consumers seeking sustainable vehicle options.

Pickles:  Leading the way in a changing market

For over 60 years, Pickles has been unlocking value for vendors and providing a seamless purchasing experience for buyers.  As the automotive landscape evolves, Pickles continues to leverage comprehensive market intelligence and a diverse vehicle inventory to meet the changing needs of consumers and industry stakeholders.

Read the full Pickles Quarterly Automotive Report or watch a video showcasing key highlights from the Report.

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ABOUT PICKLES

Pickles is Australia's leading marketplace for used motor vehicles, industrial, mining, oil & gas, construction, general goods and salvage assets, offering thousands of quality items across hundreds of monthly, online auctions.  With over 60 years of experience selling on behalf of trusted vendors including government departments, major financial institutions, fleet, lease, and insurance companies, and major corporate businesses, Pickles offers customers value, flexibility, and convenience.