Mitsubishi Motors in the UK has created a new department to take charge of residual values, following the growth of the brand.

The department is made up of long-term employee Richard Shortridge and recent graduate Jessica Powell.

Shortridge has is now residual value manager, having taken on a number of roles within the business over a 17-year period, with new employee Powell taking the role of residual value planner.

Shortridge said: “Buying habits and our business have changed in recent years.

“The importance of residual values continues to increase with customer awareness through guaranteed future values making them ever more prominent.”

Mitsubishi’s residual value management process previously sat within a number of different departments.

Shortridge said: “Over the last few months we have introduced a number of new models to the industry with greater emphasis on demonstrating the benefits of the vehicles and explaining our carefully managed route to market both front and back end.

“I think the key change so far has really been communication – a simple one but vital when your business has changed so much in recent years.”