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.
Used car values for models less than two years old have dropped in June while prices for older, cheaper cars have risen, according to Cap HPI.
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.
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.
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.
The used car market has suffered a decline of 8.3% amid the Coronavirus pandemic, according to new data from the Society of Motor Manufacturers (SMMT).
Used car values have fallen by 2.2% this month as retail and trade demand is affected by the Coronavirus crisis, according to Cap HPI.
Strong demand for used petrol and diesel cars continued in 2019, with sales of the latter down just 0.6% to 3,297,953 units and a 41.7% market share, says the SMMT.
The average values for fleet and lease, and dealer part-exchange vehicles rose to record levels at BCA in December 2019.
The used car market outperformed expectations in December, with values remaining the strongest since 2012.
The UK’s used car market increased by 0.9% in Q3 after nine straight quarters of decline, new figures from the SMMT suggest.
By Rupert Pontin, director at Cazana
G3 Remarketing has reviewed its appraisal app after hitting 150,000 inspections two years after it was launched.
The Vehicle Remarking Association (VRA) is warning that outstanding manufacturer recalls in the used car market could attract the interest of Trading Standards.
Pricing experts at Cap HPI say that average used car values for 3years/60,000 miles models fell by 2% in June.
The headline used car value at BCA increased in May, with the average value of £9,262 just slightly ahead of April’s figure.
CBVC Vehicle Management’s Re-Lease used car solution is growing due to demand from company new starters or employees who have opted out of company car schemes.
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