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.
Covid-19 is set to transform the used car market, with more vehicles being sold online at the expense of physical sales.
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.
BCA sales has announced all vehicle auctions will go online only to ensure the well-being of customers and staff in relation to the ongoing coronavirus crisis.
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.
Group 1 Automotive has signed a new and exclusive deal with BCA to support its used car programme.
BCA selected for Ancaster Group remarketing plans.
Cazoo has launched today, with the aim of delivering better selection, value, convenience and quality to used cars buyers across the UK.
Used car values in November dropped 0.6% at the three-year, 60,000-mile point compared to the five year average of -2.3%, according to Cap HPI.
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 of Insight at Cazana.
By Rupert Pontin, director at Cazana
Black remains the favoured colour in the used market.
Automotive data expert Cap HPI is reporting that used car values fell by 1% in August, the smallest fall since March.
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