Independent vehicle auction company, G3 Remarketing, has announced a record-breaking year for the business in 2018.
The introduction of new vendors, including First Response Finance, alongside a significant uplift in volume from Motability Operations during Q3 and Q4, helped the business achieve record throughput results, supported by an increase in buyer attendance, which grew by an impressive 26% from the previous year.
G3 had predicted 2018 would be the year they broke £80 million hammer value, which it achieved and bettered before the year-end.
An increased volume of vehicles through both physical and e-auction events helped fuel the growth, with an 18% increase in stock sold vs 2017.
The focus for the business was to introduce value-added technology and bring in a number of senior appointments to help push the business forward. The introduction of 360° internal and external videos alongside G3's mobile inspection and asset management application - AVID – helped bolster online buyer activity by providing enhanced assessment of a vehicle’s condition. These business developments underpinned a 24% increase in bids throughout the year - with a significant boost in online buyer activity recorded, a trend G3 believe will only increase in 2019.
Competition for stock in Q4 resulted in the average sale price at G3’s physical auctions being up 13% year-on-year as demand increased.
G3’s joint managing director Matt Dale said: "Whilst we are immensely proud that 2018 has been our most successful year to date, the story certainly doesn't stop here.
“In what will be our 10-year anniversary of trading, 2019 will see the business commence an ambitious 3-year growth plan to double our volumes and significantly increase our acreage capacity".
G3 Remarketing is located in Leeds, = holding 14 online and in-hall vehicle auctions each month. Its vendor roster includes a mix of fleet, finance and main dealers.