A reduction in the number of older used cars being bought from dealerships across the UK has been blamed for a 4.8% decline in sales during Q1 of 2018.
Arnold Clark is set to create 85 new jobs with the creation of a new Motorstore used car supermarket on the outskirts of Wolverhampton.
The number of used car buyers saddled with outstanding finance on their new vehicle rose from one-in-four to one-in-three during 2017, claims HPI.
Lookers highlighted the “resilience and diversity” of its business model as it outperformed the market with a 4% downturn in new car revenues but growth from used cars and aftersales.
The Car Buying Group was named as the winner of the ‘fast growth’ award at TheBusinessDesk.com’s Yorkshire Business Masters Awards 2018.
Dealer part exchanges saw a “healthy rise in prices” on the back of strong consumer demand and restricted supplies of older used cars caused by industry scrappage deals, according to Aston Barclay.
Car dealers have almost doubled the number of valuations carried out via smartphone during the past year, according to new market data from Cap HPI.
MP swaps The Houses of Parliament for car auction house Member of Parliament The Rt Hon Sir Oliver Heald QC MP swapped The Houses of Parliament for the auction house with a visit to Letchworth Motor Auctions. Heald visited the auction group’s Hertfordshire facility as part of a fact-finding opportunity organised by the National Association of Motor Auctions (NAMA) member. The MP for North East Hertfordshire, was keen to take up the offer of a site visit as part of a bid to gain a better understanding of how motor auctions are operated and see the employment and business opportunities available in the sector. NAMA said in a statement “It was also an opportunity for him to see the significance of the site to the local economy”. Louise Wallis, head of NAMA, was on hand to highlight to Sir Oliver Heald a number of industry issues, including Brexit, the changing legislation and consumer approaches to diesel-fuelled vehicles, mileage fraud and debit card charges which are costing the industry almost £1.8 million a year. Wallis said: “The visit provided an opportunity for Sir Oliver Heald to find out more about the Letchworth Motor Auctions, and the importance of motor actions to the UK economy.”
Motordepot, the used car supermarket group, has expanded into Tyneside.
Demand for used diesel cars has remained strong in the first quarter of 2018, driving conversion rates at auction.
Private new car registrations were April’s highlight as the new car market starts to show signs of “balance” but diesel car prices have faltered in the used car sector, according to Cazana.
NextGear Capital has provided £50million in stock funding to hundreds of UK dealers thanks to a partnership with Dealer Auction.
A third of drivers have postponed a new car purchase due to economic uncertainly, yet 82% are planning to purchase a new vehicle within the next three years.
Vertu Motors chief executive Robert Forrester has insisted that he is not under pressure from shareholders to deliver growth through acquisition after reporting reductions of 0.9% in turnover and 9.2% in profits in the group’s annual results.
The National Association of Motor Auctions (NAMA) raised over £14,000 for the motor industry benevolent fund (BEN) during its annual AGM in Lisbon, Portugal.
Cooper Solutions has added electronic appraisal diagrams for vans and motorbikes to its FullAppraisal and FullAuction services.
Shoreham Vehicle Auctions (SVA) has launched the first used electric van training course for LCV dealers and fleet vendors, with the Energy Savings Trust.
Most consumers want a minimum of 12 months of warranty cover with a used car, research by RAC Dealer Network has revealed.
Audi’s Q5 was the fastest selling used car in March, taking an average of 19 days to leave forecourts.
Aston Barclay’s SAS training partner company Break-Point has taken the remarketing firm’s marketing efforts to the ‘top of the world’ by planting a branded flag at the North Pole.
Cazana has launched a vehicle valuation tool enabling dealers to make “instant price decisions” based on the current retail market.
Car dealers turning to the used vehicle market amid falling new car sales have sparked at 9.4% increase in prices at auction, according to data published by Cox Automotive.
Vospers has targeted greater aftersales efficiency from its £12m supersite which is scheduled to open in Exeter later this year.
Demand for used diesel vehicles has remained strong in March with SUVs leading the charge, according to Cap HPI.
A High Court hearing has found that classic car dealer JD Classics did act as an agent for a collector who claims to have “suffered catastrophic losses” during the trading of 41 vehicles.
