New car demand buoyant in June as BYD scores big at the Euros
Visits to Auto Trader’s new car platform up 28.5% YoY as brands focus on digital showrooms. BMW is June most in-demand marque, generating more views and leads than any other brand. BYD demand rockets 53% in response to Euros partnership; BYD is now the 2nd most viewed new electric brand on Auto Trader, ahead of Tesla in 4th place. 21st June 2024 – Although retail registrations may be softening, consumer interest for brand-new cars remains robust, with Auto Trader recording a 28.5% year-on-year (YoY) increase in visits to its new car platform in June to date. It marks a notable rise on the 22% and 21% growth recorded in May and April respectively, and the largest YoY increase seen in over two years. Demand is being fuelled by a compelling mix of increased choice and improving affordability, as brands respond to the challenging combination of new regulatory targets, growing competition, and increased production, as well as stalling retail sales. Indeed, as more brands and retailers alike look to take more cars out of hiding, Auto Trader has seen the volume of new cars advertised on its platform increase significantly over recent months. In May the volume grew 8% on April, and in just the first two weeks of June alone, levels of new car stock on Auto Trader have risen over 21% versus January. Whilst baseline RRPs continue to rise, car buyers are benefitting from a reduction in overall prices, with more than half (53%) of all new car models advertised on Auto Trader recording a gradual reduction in price over the last 12 months. The growing audience of new car buyers, which are increasingly aware of the improved availability and affordability of stock, represents an opportunity for retailers and brands to attract curious shoppers. Since June last year, average discounts have risen from 6.4% to 8.8%, with almost eight in 10 new cars now offering some level of discount. What’s more, seven in 10 new cars have finance offers applied. BYD scores winning goal with Euros partnershipAs well tracking the broader long-term trends in the new car market, the scale of Auto Trader’s data – based on circa 2 million monthly new car visitors – also enables a view of more immediate market trends. This includes how sponsorship of the 2024 Euros is influencing consumer interest in BYD. During the opening weekend, the all-electric Chinese brand saw a whopping 69% rise in the number of advert views of its new models on Auto Trader versus the prior week. As of Friday 21st, views have softened slightly, but remain over 53% since before the tournament began. The Seal is now the second most viewed new EV model, just behind Hyundai’s IONIQ 5. Ahead of the tournament BYD had already quickly risen to the fifth most popular new electric brand on Auto Trader1, accounting for a 5.6% share of all new EV advert views. Since kick off on the 14th, however, BYD has risen to 2nd place, behind BMW, but ahead of Tesla in 4th. With the brand still largely unfamiliar with UK car buyers, BYD is currently converting a more conservative share of leads (2.9%), but with three weeks of the tournament left to go, and with a dedicated brand store on Auto Trader showcasing its heritage and quality, the conversion rate gap is likely to bridge fast as awareness builds. As well as the Euros, BYD will benefit from its success at this year’s Auto Trader New Car Awards, which saw the Atto 3 crowned the UK’s Best Value Electric Car. BYD was also a finalist as the Most Loved Brand, as determined by a survey of over 200,000 real-world car owners, including 9,000 EV owners. Highlighting the growing popularity of electric cars among owners, this year saw EVs make up more than half of all cars shortlisted. BMW is June’s most in-demand marqueBYD is building traction, but it has a long way to go if it’s to knock the current most in demand electric marque off the top spot. So far this month, BMW is the UK’s hottest new car brand for both electric and all fuel-types combined. Based purely on its EV range, BMW accounted for a massive 11.2% share of all new electric car enquiries so far in June. Factoring in all fuel types, BMW accounts for 17% of all the new car enquiries being sent to retailers on Auto Trader, way ahead of Land Rover in second place with a share of 9.6%. Golf takes the top spot as Defender loses its winning streakAt a model level, it’s all change. After three months as the UK’s most in demand brand-new car (based on all fuel types), the Defender 110 has recorded the largest drop in lead share in June (down 2.5%), resulting in the iconic British SUV slipping from 1st to 10th place. It’s been replaced by the equally iconic Golf, which in May was the third most popular new car on Auto Trader. Commenting on the data, Auto Trader’s New Car Performance Director, Bex Kennett, said: “The new car market continues to see flat lining retail sales, but contrary to what the headline figures may suggest, consumer interest in new cars remains robust. What we’re seeing on our platform, is more retailers and brands looking to convert that interest into leads, by presenting them with more choice, better deals, and investing more in their digital showrooms. Looking ahead, we can expect the market to respond positively to recent economic green shoots, with consumer confidence rising in the wake of falling inflation and anticipation of further tax cuts. There may be some disruption over the coming weeks with the General Election and the Euros, albeit clearly not for BYD, but any impact on car behaviour will be short lived.” More profitable conversion in the stock they’re retailing. Most in demand new car MODELS on Auto Trader in June2 ranked by enquiries/leads – all fuel types. Rank Make Model Share of enquiries 1 Volkswagen Golf 3.8% 2 Nissan Qashqai 3.0% 3 Land Rover Range Rover…
