Cazoo has announced the acquisition of independent used car retailer Imperial Car Supermarkets for an undisclosed sum.
Manheim Auction Services and Hitachi Capital Vehicle Solutions (HCVS) are hosting an exclusive online event on Friday, July 10, featuring a rang of quality cars and hand-picked heavy goods vehicles (HGVs).
Businesses are being advised to review their vehicle remarketing strategies to ensure they are prepared should lockdown measures be reintroduced.
The used car market is performing well, with CD Auctions reporting record volumes as online sales attract a large number of first-time buyers.
Aston Barclay has been appointed by Zenith as its preferred supplier of remarketing services in a new two-year contract.
The impact of Covid-19 on the used vehicle market will be discussed at the Vehicle Remarketing Association (VRA) AGM on July 1.
There are some encouraging signs that the used car market is performing well since lockdown restrictions were lifted.
Industry trade bodies have united to publish new safety guidance for the remarketing sector as businesses begin to re-open following the lockdown.
Rupert Pontin, director of insight at Cazana
By Andrew Mee, head of forecast UK at Cap HPI
Fleets urged to stagger vehicle returns to help lessen the impact of coronavirus on used car values, while dealers are warned not to cut new car prices.
BCA has released valuation insight covering the post-lockdown period highlighting that used car values and demand from professional buyers have steadily risen.
Hitachi Capital Vehicle Solutions says the industry will have to ‘knuckle down’ if values are to be achieved in a post-pandemic used car market.
Covid-19 is set to transform the used car market, with more vehicles being sold online at the expense of physical sales.
Half of buyers said they are expecting a strong demand for used cars as soon as dealers open for business, a survey suggests.
BCA Valuations reports that pre-sale valuations averaged 100.2% during the first weeks of the Covid-19 lockdown in virtual used car sales.
But the company urges caution, with volatile price movements expected over the next few weeks.
Manheim will be recommencing an auction programme from Tuesday, May 12.
An expected surge of used cars into the wholesale market, as lockdown restrictions are gradually lifted, look set to be remarketed online.
The impact of Covid-19 on the wholesale and retail markets for new and used cars as well as LCVs has been revealed by Cox Automotive UK.
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