Cap HPI’s head of valuations has said that the continued growth in used car values is “not sustainable in the long-term” - but may continue into 2021.
Almost a quarter of used car retailers have turned to Government-backed COVID-19 recovery loans or overdrafts to fund their forecourt stock since lockdown, NextGear Capital has found.
Sales in the used car retail sector showed signs of “cooling off” according to a market report which revealed declining in activity during August – with retail sales down 3.3% year-on-year.
Shoreham Vehicle Auctions (SVA) has welcomed physical buyers back to socially-distanced auction halls after preparing its locations to limit COVID-19 transmission.
Car dealers’ used vehicle stock levels have declined by 30% as post-lockdown demand among buyers leaves businesses “grappling” with the challenge of securing fresh product for their forecourts.
Motorway is providing free vehicle collection worth up to £500 for new dealers, to celebrate hitting the milestone of £1.6m in daily sales.
Retail ready used car stock is in “high demand” among car retailers seeking ways to speed-up their business’ COVID-19 recovery by taking advantage of a post-lockdown surge in demand.
Vehicles aged over six years helped UK car retailers drive a 3.7% increase in post lockdown used car sales during June, according to analysis by Indicata.
A post-lockdown surge in used car sales activity has put retailers ahead of the same period in 2019, according to data gathered by Indicata.
Motorway has celebrated its delivery of record volumes of used car stock to the UK’s motor retailers post-lockdown – with £1.39m of sales completed in a single day last week.
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”.
Motorway has re-started its daily online auctions alongside free trials of a “contactless” car transportation service as car retailers look towards stocking their dealerships ahead of an easing of COVID-19 lockdown restrictions.
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.
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.
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.
CD Auction Group has launched its used car stocking app as it looks to back-up predictions that the number of vehicles sold off-site will soar to 50% in 2020 following.
Used car dealers’ efforts to “buy up as much stock as physically possible” saw January buck an eight-year trend of declining January values with a 0.6% increase, Cap HPI data has indicated.
UK motorists realised their love of SUVs last year as the segment led Indicata’s monthly fastest-selling cars rankings for nine out of 12 months.
The average value of a used car offered for sale at BCA’s auctions declined by 1.2% during December, but maintained the month’s fourth highest value on record.
An influx of SUVs and premium vehicles into the used car sector has helped to mitigate a 3.5% decline in values year-on-year, according to Auto Trader’s monthly Retail Price Index.
