More than a third (34%) of dealers are stocking more economical cars to meet the needs of buyers during the cost of living crisis.
The recent decline in used electric vehicle (EV) values has kickstarted demand among buyers and led to an increase in sales.
Car retail sector PLCs Vertu Motors, Pendragon, Lookers and Motorpoint are expected to see “valuations improve” as stability returns to the UK economy.
More than a third of car retailers claim that their business’ survival will be put at risk in the UK Government does not step in to provide support with their energy costs.
Aston Barclay believes the used LCV market is now set at its “new normal” until 2024.
Auto Trader has diagnosed the used car retail sector with “robust health” after reporting a 0.7% rise in the average value of a vehicle during February trading.
Used car finance volumes grew by 8% as automotive supply issues left new car volumes 7% down in 2022, new data from the Finance and Leasing Association (FLA) has revealed.
Sales teams must focus on making every customer interaction an “empathetic and positive experience” in order to boost used car stock turn, says Judgeservice.
Used car inspection cans reduce the time it takes a vehicle to sell and ensure it remains roadworthy, according to DMN Logistics.
Car retailers who suffered “significant pain” as a result of a recent slump in used electric vehicle (EV) values could soon be seeking out zero emission forecourt stock once again, according to Cap HPI.
China’s largest car exporter Chery has revealed plans to enter the UK market with its Omoda 5 crossover in 2024 – with the promise of several other models to follow.
A “busier than expected” start to 2023 continued to drive the used car sector’s imbalance between supply and demand – propelling values to a record £18,937 on eBay Motors.
Mercedes-Benz UK chief executive Gary Savage has said he finds the roll-out of the brand’s direct-to-consumer agency model car retail strategy “hugely exciting” – despite agents' two-tier car retail sector concerns.
The UK's used LCV market has got off to “a flying start” in 2023 as an easing of supply issues sees a glut of “pandemic worn condition” vans enter the auction halls.
The automotive sector’s new car supply “squeeze” has been blamed for an 8.5% decline in used car sales during 2022 – with margins remaining strong as retailers struggled to source stock.
Over a third of UK motorists are choosing to hold on to their cars longer as the cost-of-living crisis makes consumers increasingly averse to long-term finance agreements.
Constellation Automotive owner TDR Capital has extended its presence in the car retail sector with the purchase of a 3.1% share in Vertu Motors.
Issues relating to the purchase process or the service received from a dealer after buying a car sparked the majority of consumer complaints about EVs.
Van registrations are predicted to grow by 13.9% in 2023 after starting the new year with their first month of growth since the September numberplate change.
Cox Automotive predicts that new car registrations will increase by 6% in 2023 to 1.71 million.
