Carwow will provide car retailers with an opportunity to bid on privately-sold used vehicle stock following the completion of its acquisition of car buying comparison site Wizzle.
The Motorway used car stocking portal has raised an additional £48 million in a funding round led by Deliveroo, Etsy and Dropbox backer Index Ventures.
Constellation Automotive Group will expand the used car stocking and preparation capacity for BCA and cinch following the £80 million acquisition of Rockingham Motor Speedway.
Soaring wholesale used car prices are “not recoverable” through retail price rises, creating an environment of ever-shrinking margins.
Used car prices have risen by 6.7% during May as “amazingly strong” demand resulted in “unprecedented times” for the sector.
Carzam is poised to launch an online used car buying platform as retailers seek solutions to the stock shortage issues that are causing vehicle values to soar.
Used car prices are soaring as car retailers report demand so strong that the “can’t stock the forecourt fast enough” – and supply shortages look to continue the trend.
The National Franchised Dealers Association (NFDA) has launched a division in Northern Ireland to ‘outline dealers’ priorities’ and ‘tackle issues’ affecting them.
Car dealers sold vehicles seven days faster than they did at the start of 2021 after the return of showroom retail accelerated the sector, eBay Motors has reported.
Cox Automotive has warned UK car dealers not to be ‘blindsided’ by the automotive retail sector’s headwinds after the optimism on an April sales regurgence.
Manheim Auction Services has said that it will continue to waive its online car buying fees and offer free vehicle collection as part of its Accelerate package of COVID-19 recovery support.
Aston Barclay has reported that its used car sales volumes in a COVID-19 hit Q1 were a match for those of the same period in 2020.
Dealers have recorded their best speed of sale yet in 2021, with average used car days in stock dropping to 45.6 days from 49.5 days in both January and February, according to eBay Motors Group data.
Epyx have launched a new and renamed version of its 1Link Disposal Network, where dealers can buy ex-fleet and rental stock.
Strike action proposed by COVID-19 hit employees at the DVLA’s Swansea headquarters could be set to impact the car retail sector’s own recovery period, Cox Automotive has warned.
Aston Barclay has partnered with the AA and VMS Group to provide its used car buyers with vehicle checks and a buyer guarantee before making their next stock purchase.
Cap HPI has said that a realignment of used car price values was “always likely” after it reported a fifth consecutive month of declining vehicle prices across the sector.
Motorway has appointed Lloyd Page, as its first CMO.
Used car retailers have been warned of an electric vehicle (EV) overpricing issue once again after diesel-powered vehicles sold fastest in January.
CD Auction Group has axed listing and sellers fees on its dealer-to-dealer Vehicle Tradex platform in a bid to support car dealers keen to re-stock their forecourts during COVID-19 ‘Lockdown 3’.
