The Vehicle Remarketing Association has warned car dealers to expect an unpredictable used car market towards the end of this year and into 2019 as the sector feels the effects of the switch to WLTP emissions test legislation.
The Vehicle Remarketing Association has warned that an oversupply of petrol-fuelled used cars is likely to result from the “dramatic shift away from diesel in favour of petrol”.
The Vehicle Remarketing Association's annual general meeting will offer delegates access to expert advice on dealing with diesel “demonisation” and the fall-out from the EU's incoming WLTP emissions and fuel consumption test regime.
The impact of motorists’ shift from diesel to petrol-powered vehicles could create a “culture shock” for used car retailers in two years’ time, the VRA has claimed.
Remarketing companies will need to ensure all personal data is removed from a used vehicle prior to its sale.
A string of fatalities at US auctions has prompted the formation of a safety sub-committee at the Vehicle Remarketing Association.
VRA has announced that it believes regulation should be introduced to bring a higher level of control to the mileage adjustment sector.
The industry should ‘remain calm’ over the future values of diesel as it is ‘likely to remain a crucial part of the motor trade’s fuel mix for the foreseeable future’ says the Vehicle Remarketing Association (VRA).
The Vehicle Remarketing Association has appointed Rupert Pontin, Tim Hudson and Philip Nothard as new directors on a ten-strong board.
Mark Harris, formerly a Honda executive and company secretary at the Vehicle Remarketing Association, has launched a consultancy targeted at the motor industry.
The Vehicle Remarketing Association (VRA) has appointed Glenn Sturley as its new chairman, with Sam Watkins becoming his deputy.
Fears about the effects of a flood of used cars in a market propped-up by PCPs could mean that we are currently living in “the good old days”, a financial analyst has suggested.
Visitors to the annual Vehicle Remarketing Association Conference voted 70% in favour of remaining in Europe as senior figures from the financial and automotive sector debated the potential effects of Brexit. A live poll of visitors to the annual event, this year hosted by journalist and former newscaster Ginney Buckley, revealed an overwhelming desire to remain in the common market among those present at Solihull’s Cranmore Park Conference Centre. The live poll saw 26.4% of conference attendees vote in favour of leaving the EU, meanwhile, with just 3.6% stating that they were as yet undecided. The vote came as Jaguar Land Rover director of financial services, David Betteley, Woburn Consulting Group’s financial services consultant Peter de Rousset-Hall and Richard Hill, head of automotive at RBS debated the issue following a presentation from Deloitte senior analyst and economist Debrapratim De. De had told the event that Brexit would “almost inevitably” lead to the reduced availability and the higher cost of finance and a squeezing of the disposable incomes. After stating that the current automotive boom had been built on consumer demand driven by “easy money”, he said that in the event of Brexit: “There would be a short-term credit crunch and 25 to 30% decline of the pound against the dollar. The Euro would also take a hit. “There would be an immediate sell-off in equities and we might see capital flow out of the UK.” De also said that the departure of Britain from the EU, in the event of Brexit, could trigger the “disintegration of the EU”, adding: “There is a growing level of Euro scepticism and nationalism in Europe as a whole and, in a recent survey of European citizens, 48% think that if the UK left the EU others would follow.” But the Deloitte financial experts also said that, in the long-term, Britain could benefit from Brexit, the move creating a “more vibrant, market-driven economy”. He said: “At the moment our economy is strong, our population and industry is growing. I don’t think the world can do without us.” Amongthe panel discusiing the issue of the referendum, Betteley said: “Our corporate view is that we should remain. Europe is an important market for us. We buy a significant amount of components in Europe. We are currently advising all our people to use their vote very carefully.” Hill said: “Britain is often referred to as Treasure Island, but that coincides with periods where the pound is very strong. If that situation changes quite dramatically it would be quite interesting to see what European manufacturers do in terms of sales in the UK given that they wouldn’t represent the large profits that they are seeing today.” This month’s AM magazine will feature the results of a fortnight-long poll of the publication’s online readership which asked which way people would vote in the June 23rd EU referendum. A strong response has allowed AM to break-down details of the age and regional voting demographics, how many people have already made preparations for a possible Brexit and who could be most affected by a potential departure from the common market.
Dealers would like fleets to better plan ahead their remarketing model mix when purchasing their vehicles.
