Cox Automotive has reported signs of pent-up demand in the used car market after its auctions went wholly online due to the COVID-19 pandemic.
Before the lockdown, many of the UK’s largest motor auction and remarketing companies were enjoying successes in signing deals. Now, as the sector gears up to return to normal, they are well placed to support the recovery.
Dealer Auction has seen a 135% month-on-month increase in sales through its platform in the first week of June as dealers rush to obtain more stock to meet consumer demand.
COVID-19 has rendered physical car auctions a no-go zone for 23% of car retailers in the short- to medium-term, Cox Automotive’ s latest dealer sentiment survey has revealed.
Car retailers across the UK reported that demand from car buyers left pent-up during the COVID-19 lockdown period had resulted in a bumper return to showroom trading on June 1.
Cox Automotive has re-started Manheim's car auction operations via its online sales platform following “weeks of careful planning and implementation of the necessary safety measures”.
Cox Automotive has predicted a stop/start recovery from the COVID-19 coronavirus outbreak for the automotive retail sector – revising its new car sales forecast to detail a 29% decline in 2020.
Cox Automotive has promoted its UK CEO Martin Forbes into the position of president of Cox Automotive International, effective immediately.
While used car performance helped to deliver stable levels of profit and volume in 2019 there have been some signs of an early wobble in 2020 with pressure on petrol values in particular.
Coronavirus has been described as the “biggest immediate threat to the UK car retail sector” after retailers across the country began making contingency plans to prevent its spread.
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Coronavirus has been acknowledged among a series of “significant challenges” facing the automotive retail sector in the middle to long-term in Cox Automotive’s monthly Market Tracker report.
PSA Group’s UK managing director and senior vice-president Alison Jones has been named as the latest winner of Cox Automotive’s Barbara Cox Woman of the Year Award.
Cox Automotive UK has completed the acquisition of vehicle services provider and Bruntingthorpe operator C Walton Ltd, expanding its whole-life vehicle services offering with its biggest UK acquisition to date.
The latest results from the NextGear Capital survey have revealed that dealers are combining instinct with valuation tools to identify the best stock.
CitNOW is a video technology and insight provider to 98% of the AM100, as well as 43 manufacturers, with its products supporting 3,898 retailers.
Coronavirus has joined 2020’s shift to stringent EU CO2 emissions regulations to threaten UK car dealers’ supply of vehicles and parts, according to Cox Automotive.
Supplies of EVs and used cars, consumer demand and efficiency issues will all impact car dealers in 2020, with 54% anticipating increased pressure on profit margins according to a Cox Automotive sentiment survey.
Dealer Auction, the new trade-to-trade sales joint venture of Auto Trader and Cox Automotive, has just launched with an ambition to help dealers secure relevant stock as effortlessly as possible.
PSA Group and its in-house leasing firm Free2Move Lease has expanded its remarketing deal with Mhaeim to 30,000 vehicles.
