Call for CAP to cut values
June 7th, 2010 by Richard Aucock
AUCTION4CARS says CAP has not gone far enough in reducing used car values following its latest move.
Group disposal manager says used car values have fallen for the second month in succession – and is frustrated the Black Book is lagging.
Stats from Auctio4Cars auctions show values have fallen 8 percent since January.
However, the June Black Book showed a smaller cut of 4 percent.
This means it is calling on CAP to reduce Black Book values by 10 percent, in order for prices to be in line with its auction results.
‘Whilst there will always be an element of lag with CAP, prices are still as much as 10 per cent adrift,’ said Prescott.
‘We believe this really needs to be addressed at the earliest opportunity.
‘This isn’t in anyway a criticism of CAP; more a frustration with the obsession with the ‘Black Book’ and the effect this is having on the marketplace.’
Do you agree with Prescott’s call? Does it match evidence you’re finding during your own used car transactions?
Tags: auction4cars, CAP, used car
July 13th, 2010 at 7:52 am
Auction4Cars always use Cap Clean as their benchmark but most of their cars are nothing like Cap Clean standard. Cap give 3 distinct prices and if A4C became more professional and acurate in the benchmark they selected then their comments would have greater validity. Time to get Real.
July 27th, 2010 at 4:37 am
Totally agree about the comments re A4C appraisal of vehicles. CAP clean is never, in my experience, applicable to their vehicles. Their vehicles often have little history and always require significant re-furb. Maybe to do with their customer profile?