The rate at which used car prices are dropping has taken the market by surprise, admits a motoring industry expert. Phil Nothard, insight director at Cox Automotive – the owners of Manheim Auctions – told the Car Dealer Podcast that significant price falls in the used car market have caused ‘waves across the sector’ and explained that the market had ‘slowed significantly’ in the last couple of … [Read more...]
Tradelines 15 November
A new fully electric premium MPV, the Volvo EM90 with a range of about 450 miles, will broaden the appeal of the brand and meets even more customer needs. Following the reveal of the already award-winning and fully electric EX30 small SUV earlier this year, the EM90 represents the second expansion with more space and features and will initially be launched in China. Plates4Less, a Swansea … [Read more...]
Tradelines 19 April
The all-electric British designed MG Cyberster sports car will come to UK in 2024, but may be sold outside the usual dealer network. MG has previously said it believes having a showroom network has been behind its success in recent years, but the first sports model in over a decade may be see another sales avenue created. A swathe of car dealer suppliers are at loggerheads with one of the … [Read more...]
Profits possible despite a potential pitfall in 2023
A “difficult” 2023 lies ahead for the used vehicle sector but strong profits will still be possible, more than 150 delegates heard at the Vehicle Remarketing Association’s (VRA) Annual Seminar last week. Philip Nothard, chair at the industry body said that speakers at the event had detailed a picture of both economic and structural challenges. “There is a whole list of issues facing the … [Read more...]
Newslines 15 July
New petrol and diesel cars will be banned from sale by 2035, lorries five years later and aircraft and shipping will face stinging new fuel taxes under proposals announced this week by the EU. Imported steel used to make vehicles will also be heavily taxed as the EU seeks to dramatically reduce cross border carbon footprints. Ex Renault-Nissan boss Carlos Ghosn has told the BBC how he was … [Read more...]
Used prices slipping back again
Used car sales have slipped back, said analyst Cazana's Director of Insight, Rupert Pontin. The car market in June 2021 has so far proven to be extremely exciting, and last week was no exception as both new and used car sales had another week of varied activity levels. - Used Car Sales Down -17.5% Week on Week - Cazana Used Car Retail Price Index Dips by -2% - The Volume … [Read more...]
Potential potholes for planning ahead
The impact of the coronavirus crisis and potential effects of Brexit are making planning beyond the short term almost impossible in the remarketing sector. So reports the Vehicle Remarketing Association (VRA), which points out that the currently booming market is arguably obscuring the potential dangers that lie ahead. Chair Sam Watkins said, “As has been widely reported, the sector is very, … [Read more...]
New car sales rise in hoped for lift to market
Pent up demand after lockdown eased is thought to have driven a rise in new car registrations last month. Figures from the Society for Motor Manufacturers and Traders due to be released later this morning are expected to show an 11% rise compared with the same month in 2019. December saw the last increase but it was a blip after a year of decline. The new car sales market has struggled with … [Read more...]
Auction slowdown expected as normal
Supplies of used models will go down over the next few months as dealers traditionally hold off putting them in auctions. “Half of respondents in this month’s NAMA survey are expecting volumes to fall over the coming month. Volumes of vehicles arriving at auction centres generally reduce towards the end of the year, and this year appears to be no different,” said Louise Wallis, Head of the … [Read more...]
Used car sales steady after new cars collapse
Britain’s used car market remained near recent record highs in the third quarter of 2018, according to the Society of Motor Manufacturers and Traders. Despite a sales dip of -2.1% compared with the same period in 2017, there were 2,057,457 used transactions in Q3, with August the quarter’s best-selling month and the Ford Fiesta was most popular with 93,260 sold. Buyers continued flocking to … [Read more...]