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.
The car retail sector should be braced for a prolonged period of uncertainty as OEMs impacted by Russia’s war in Ukraine battle to deliver vehicle supplies and consumers “grapple with a cost-of-living crisis”.
Used car marketing provider eBay Motors Group has said that a downward pricing adjustment was “inevitable” in the sector after seeing values decline by 1.5% month-on-month in April.
iVendi has outlined a five point plan to help dealer maximise their online presence as the used car market begins to lose growth momentum.
Cazoo has said that it cannot guarantee it will “achieve profit at all” in a newly-published document detailing the potential risks and pitfalls of its online car retail and vehicle subcription model.
The Society of Motor Manufacturers and Traders (SMMT) has urged fleet operators to place their commercial vehicle (CV) orders after the sector suffered a 29.1% April registrations decline.
