Car retailers increased their stock of used cars by an average of 15% in May but took longer to sell vehicles according to analysis of year-to-year trends analysed by Motors.co.uk.
Auto Trader is targeting new car buyers with a multi-million pound marketing campaign.
The majority of car retailers expect at least 10% of dealerships in the UK to close within the next five years, according to the findings of the latest Cox Automotive Insight Report.
Car dealers registered a “marginal” year-on-year improvement in profits during April, according to ASE – the month’s average total amounting to £5,000.
Foray Motor Group has closed its Andover Used Car Centre less than a year after re-branding the showroom from its Andover Ford dealership.
Pendragon needs to refocus its Car Store used car supermarket strategy as it seeks out “self-help opportunities” in light of an operational business review which predicted that the group would make a significant loss in H1, 2019.
Cartime is targeting a £100 million turnover by 2021 after celebrating a set of annual financial results which revealed a 28.7% rise in revenues and 27% increase in pre-tax profits in 2018.
Motorpoint delivered 6.8% turnover growth and 10% growth in profit before taxation and exceptional items in its 2018 annual financial results.
Driver1 has signed a two-year partnership with Cox Automotive, to provide cheap cars on subscription to young drivers.
Cazoo has appointed Jonathan Howell as chief technology officer, ahead of its launch at the end of the year.
Despite volatile alternative fuel vehicle (AFV) values and reports of significant decline across the sector, there is ‘no need' for car retailers to heavily write back stock values, according to Cazana.
Car dealers pushed hard to realise the benefits of car buyers’ increased interest in used cars during May – with the number of prospecting calls up by 21% during the month.
JudgeService has urged dealers to focus on improving customer satisfaction and attention to detail to help drive stock turn and avoid “book” drops.
Auto Trader’s annual turnover rose 8% to £355.1 million in 2018 as its grew its average profit per retailer forecourt by 9% to £1,844.
Auto Trader data recorded a 14% rise in car buyers searching for electric vehicles (EVs) during May, but the 2012 Ford Focus Estate emerged as the online marketing platform’s fastest-selling car.
As political and economic uncertainty shows no sign of abating, AM asks four industry experts to cast an eye over the future of the used car market
Cazoo has announced it has signed a number of commercial partnership agreements with BCA to meet its vehicle logistics, refurbishment and disposal requirements.
Fast-expanding Motordepot has revealed a 35% increase in turnover and 16% growth in pre-tax profits in a financial period which saw the independent retailer open three used car supermarkets.
Brexit is yet to have an impact on used car values in the UK according to Cap HPI’s latest analysis of the UK automotive sector.
Cazana director of valuations Rupert Pontin has claimed that its data suggests there is ‘no evidence’ to support suggestions of a significant decline in used car values in recent months.
