Wholesale used car values declined by 5.9% in March as external economic pressures, the cost-of-living squeeze and the ramifications of the conflict in Ukraine ensured a “tougher” market for retailers.
The National Association of Motor Auctions (NAMA) has revealed its new strategy for 2022-23, which includes a focus on alternative fuels and electric vehicles (EVs).
Used car remarketing giant BCA has been fined £1.1 million and ordered to pay £97,000 after a car buyer was crushed by a Porsche at its Paddock Wood auction site in Kent.
BCA has suggested that high used car valuations could prove a “safety net” for car retailers as Russia’s invasion of the Ukraine compound cost of living concerns to impact consumer confidence.
Aston Barclay’s newly-appointed chief executive Tom Marley has said he wants to “catapult the group to higher growth” after negotiating the challenges of COVID-19 and vehicle supply shortages.
Lee Fox has joined Cox Automotive as the new managing director for Cox Automotive Vehicle Solutions to help strengthen its senior leadership team in Europe.
Used car buyers have been told they must “get used to a significantly older profile of vehicle” as supply shortages look set to continue into 2023.
Volvo Car UK has launched a new used car sales platform that will sell its “newest” vehicle stock direct to online car buyers.
Volkswagen Group UK has extended its contract with Manheim Vehicle Services to provide defleet services for an additional five-year term.
The Tesla Model 3 has been declared the most desirable used car and electric vehicle (EV) of 2021 for dealers by Aston Barclay.
Used car values were up 13.2% year-on-year in December as BCA’s programme of festive auctions delivered a near-25% sales boost during the last week of 2021.
BCA is hosting regional apprenticeship open days to meet potential candidates interested in embarking on a career as a large goods vehicle (LGV) Driver.
Cox Automotive has said that “volatility” is set to define the car retail sector in 2022 as stuttering car supplies combine with rising inflation and changes to OEM and consumer relationships.
BCA said that the wholesale used car market showed signs of moving towards a “more stable” footing after average sold values declined by 19% in two months.
Clive Brook Group, Drive Motor Retail, Hendy Group, Inchcape Retail and Jemca Motor Group have all ramped-up their acquisition of private used car stock in 2021.
A stabilising of values in the used van market in recent months may highlight “what’s to come” for the used car sector, according to remarketing giant BCA.
Used car dealers are buying cheaper used cars at physical auctions as they search for ways to avoid the impact of limited vehicle supplies and soaring values, according to Shoreham Vehicle Auctions (SVA).
Used car values remained at their second highest level ever in a “frenzied” 2021 market at BCA’s auction in October, despite showing signs of “easing back” in the month’s latter stages.
Auto Trader has posted a 121% increase in operating profit to £151.7 million for the half year ended September 30.
The remarketing sector is suffering from a shortage of skilled workers affecting transport and logistics that extends beyond the widely-reported HGV driver shortfall.
