The report also shows a slowdown due to the Covid-19 pandemic and oil price crash.

Sales Director Emmanuel Depuy said: "Preowned sales dollar volume was up 37 per cent to US$152 million in the first quarter on only an eight-per-cent increase in unit transactions, compared to the 2019 quarterly average.

"Preowned supply increased four per cent to $909 million on 240 units, an increase of five per cent. The industry absorption rate remained stabilized at 21 months, while deals in the pipeline fell 30 per cent to 18 units.”

The report indicates the light twin market experienced an increase in supply in the first quarter, while the medium twin preowned supply remained stable and retail sales increased by a third.

"Aero Asset will closely monitor the 2020 second quarter and beyond for any signs of a recovery, as we are already seeing the immediate effects of the global Covid-19 pandemic and the double whammy of a worldwide crash in oil prices. Beyond the human scope of the pandemic, both events are wreaking havoc on economies around the world," Dupuy said.