One-in-five new and used car buyers are putting off their next purchase as they feel the pinch of the cost of living crisis, eBay Motors Group research suggests.
Mercedes-Benz will refocus its model line-up in high-profit luxury segments, dropping cheaper models.
Navigation and safety technology already freely accessed by motorists emerged as the services that the majority were most willing to pay for in a connected car study conducted by YouGov.
Used car buyers are becoming more risk averse and seeking higher-quality vehicles with lower running costs.
Used van dealers are returning to auction halls to inspect higher mileage and older vehicles prior to bidding.
Car subscription software provider Loopit is witnessing increased demand from retailers looking at alternative revenue stream solutions for their used car inventory.
Only 5% of car buyers plan to purchase a diesel powered model and two thirds said they’d never buy one, according to a new study.
In a used car market starved of supply vehicle acquisition has become the boom industry, with retailers launching their own car buying platforms to rival third-party providers.
Wholesale used car prices have declined for a fourth successive month at BCA remarketing centres across the UK as chief operating officer Stuart Pearson asserts “we have seen the market soften”.
Audi has suspended the production of its A4, A5 and A8 saloon cars as component supplies continue to hamper the German premium car manufacturer.
The National Franchised Dealers Associations (NFDA) has indicated that it is keen to learn what influence new Vertical Block Exemption Regulation from the European Commission (EC) will have on the UK’s Competition and Markets Authority (CMA).
Auto Trader has struck-up a new partnership with the Office for National Statistics (ONS) which will see the used car marketplaces data become an official economic barometer for the authority.
The squeeze on household incomes and continued new car supply constraints mean that the UK’s car finance sector is likely to be restricted to ‘single-digit growth’ in 2022, the FLA has said.
Vertu Motors has completed a £2 million share buy back transaction to boost its employee benefit trust” as chief executive Robert Forrester increased his own shareholding in the car retail PLC.
Cazoo has completed the launch of its online used car retail and vehicle subscription offering to the Spanish market, promising to offer “the best car buying experience to consumers”.
Used car retailers face critical business conditions as unprecedented market turbulence and unpredictability continue to take hold, according to Motorpoint CEO Mark Carpenter.
Vertu Motors PLC leveraged car retail’s “sector tailwinds” to deliver a 41.9% rise in turnover and 228% rise in adjusted pre-tax profits in a record-breaking set of 2021 annual financial results.
A “lingering supply chain crunch” has been blamed for a used car sector that remained 12.2% down by volume on pre-COVID 2019 in Q1, 2022.
Arnold Clark chief executive Eddie Hawthorne has reported an “excellent” 2021 financial performance with revenues up 25% as pre-tax profits rose 68%.
Two-thirds of motorists want to buy an electric vehicle (EV), with the majority seeking lower fuel bills.
