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 UK’s cost of living crisis and the impact of Russia’s war in Ukraine threaten the used car market’s shift towards stability, eBay Motors’ Dermot Kelleher has suggested.
Auto Trader director of data and insights Richard Walker has stated that suggestions of tumbling used car prices “unfounded” – but conceded that demand is softening.
ITC Compliance, a UK intermediary Financial Conduct Authority (FCA) Network, has been purchased by Fortegra Group, a global speciality insurer.
Auto Trader brand director Marc Palmer asserted that “areas of affluence” are the UK’s hotspots for interest in electric vehicles (EV) as the cost-of-living crisis continues to squeeze car buyers’ purse strings.
The online automotive aftersales payment specialist Bumper has appointed carwow founder and chief executive James Hind as a non-executive director.
The COVID-19 pandemic, the rise of the agency model retail model and new vehicle supply shortages have convinced many car retail bosses that it is the “right time to exit” the business – triggering a three-fold rise in dealership sales.
Castrol is hosting a seven-a-side football tournament to mark its new three-year sponsorship of the English Premier League.
Engineius has appointed Ian Smith as its new operations director.
Evolution Funding has partnered with Codeweavers to help dealers deliver a ‘more streamlined’ finance journey to customers.
Warrantywise has announced the restructure of its dealer department with a new dealer partner programme.
National Windcreens has launched a new online artificial intelligence (AI) system that provides an instant decision on whether a windscreen can be repaired.
New monthly research looking at consumer and dealer sentiment in the used car market will be launched in mid-April by Startline Motor Finance.
Automotive charity, Ben, has announced its annual flagship black tie event – Ben Ball – will be held on December 7 and supported by Auto Trader.
The Rybrook Group has increased its sales conversions by adopting a suite of digital marketing tools from Marketing Delivery.
JBR Capital has launched a new sustainability initiative, in partnership with Carbon Neutral Britain, to reduce the environmental impact of its clients’ cars.
Auto Trader has reported that used cars are selling at record speeds, despite a continuation of year-on-year value increases.
Peter Vardy’s CarMoney motor finance business has moved into 9,000 square feet of new office space as it plans to boost staff numbers this year.
The UK’s large car retail groups and PLCs will be joined by international investors and disruptors such as Cazoo and Constellation Automotive in what is likely be a record year for mergers and acquisitions.
IVendi has promoted five staff members to newly-created vice president positions as part of its growth strategy.
