Dealers need to “very urgently assess” the implications of recent moves from the Financial Conduct Authority on historical motor finance commissions, says the Vehicle Remarketing Association. While the subject has been gathering prominence in recent weeks following two recent rulings by the Financial Ombudsman, a new programme hosted by personal finances guru Martin Lewis has substantially raised … [Read more...]
Tradelines 31 January
Specialist motor insurance loss adjuster Claims Management & Adjusting says new Office for National Statistics figures showing an 8% annual increase in vehicle thefts are shockingly unsurprising. According to the ONS’s latest Crime Survey for England and Wales instances of “theft or unauthorised taking of a motor vehicle” increased from 122,423 in the year October 2021 to September 2022, to … [Read more...]
Difficult 12 months coming for used models
The remarketing sector will face “many headwinds” next year but a wide range of opportunities remain, the Vehicle Remarketing Association’s annual seminar was told. The event, which took place at The Slate, Warwick University, was attended by almost 200 delegates and looked at the subject of “2024: The Year Ahead in Remarketing.” Philip Nothard, chair at the VRA, said, “Speakers at the event … [Read more...]
EV values slide as fleets reshape businesses
Used electric cars and vans are expected to fall further in value in coming months, according one industry expert. The slippage might also see petrol and diesel models cut back by manufacturers to meet tightening ev sales targets by Government. Interference in the ICE market will have the effect of driving up values of existing models as a consequence. Used electric vehicle values could fall by … [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...]
Lower stock, bigger mix and longer retentions
Lower volumes of stock, changes to the available brand mix and longer vehicle retention will be among the major trends in the used car sector in the second half of 2022, says the Vehicle Remarketing Association. Philip Nothard, VRA chair said members expected the market to remain relatively strong but that significant difficulties remained and were likely to have an increasing effect. “The used … [Read more...]
Sellers must beware of legalities around “autonomous vehicles”
Care will be needed in future when describing the capabilities of autonomous car technology for marketing purposes, warned the Vehicle Remarketing Association. The Law Commissions of England and Wales, and Scotland, have recently reported on the proposed legal framework surrounding the use of this technology, and their joint report includes firm recommendations on how different devices are … [Read more...]
Used electric vans are a new challenge
The remarketing sector needs to learn to present used electric vans correctly to maximise their saleability, delegates were told at a webinar organised by the Vehicle Remarketing Association. Paul Kirby, of EV Essentials, explained that additional care needed to be taken to highlight operational factors such as range, speed of charging, and payload. “Arguably more so than diesel vans, … [Read more...]
Pingdemic is punishing motor trade
Recruitment issues and the need for self-isolation are causing staffing issues across the remarketing sector, reports the Vehicle Remarketing Association. Chair Philip Nothard said that VRA members were experiencing issues finding staff to fill all kinds of long-term positions, and that the problem was being exacerbated by the ongoing short-term demands of self-isolation. “Obviously, we … [Read more...]
Trade urged to help formulate new laws
The Vehicle Remarketing Association is urging used car businesses to make its thoughts on autonomous vehicles known as part of a new consultation by the English and Scottish Law Commissions. Jonathan Butler, VRA board member, and partner and head of automotive at legal specialists Geldards, explained that the Automated Vehicles consultation was in its third and final stage, being was set to … [Read more...]