Vehicle Remarketing Association (VRA) members believe that the current state of the automotive market is ‘bad’ compared to the period immediately before the recession.
The remarketing sector fared slightly better with most members considering it ‘bad’ or ‘the same’.
When asked what the key influences were on the remarketing sector last year most members considered ‘weak new car sales’, ‘contract extensions’ and ‘uncertainty over jobs’ to be the main drivers.
However, over the next year they believe the key influences will be ‘uncertainty over jobs’, ‘fuel prices’ and ‘weak supply of used vehicles’.
Presenting the survey findings at the recent VRA seminar, Professor Colin Tourick commented:“In the last 12 months the number of extensions are nothing like they were.”
Professor Tourick also pointed out that there was “inconsistency” from members regarding their business’ performance and market conditions with most members saying that their business had ‘fared well’ in the downturn.