Car subscription software provider Loopit is witnessing increased demand from retailers looking at alternative revenue stream solutions for their used car inventory.
The used car market has been enjoying stellar growth over the past two years as demand has outstripped supply; there has been a lack of new vehicle availability and more buyers are willing to pay a premium.
With retailers operating in an increasingly challenging used car environment where stock is in short supply and prices are continually adjusting, it has become even more imperative to price used vehicles correctly to both maximise margins and maintain stock turn.
In a used car market starved of supply vehicle acquisition has become the boom industry, with retailers launching their own car buying platforms to rival third-party providers.
Wholesale used car prices have declined for a fourth successive month at BCA remarketing centres across the UK as chief operating officer Stuart Pearson asserts “we have seen the market soften”.
Auto Trader has struck-up a new partnership with the Office for National Statistics (ONS) which will see the used car marketplaces data become an official economic barometer for the authority.
The squeeze on household incomes and continued new car supply constraints mean that the UK’s car finance sector is likely to be restricted to ‘single-digit growth’ in 2022, the FLA has said.
Available Car has appointed former Renault Retail Group regional operations director Craig Heathershaw as its new chief operating officer.
Angus MacKinnon wins the Independent Dealer of the Year category in the 2022 AM Awards, while Hilton Garage was highly commended
Arnold Clark Automobiles has won Used Car Dealer of the Year category at the 2022 AM Awards. Fellow Scotland-based dealer Peter Vardy is highly commended.
The Hyundai Tucson has won the 2022 AM Award for Used Car of the Year, voted for by AM readers, beating rivals including the Vauxhall Corsa, Ford Fiesta and Kia Sportage.
The 2022 AM Awards winner of Online Consumer Experience of the Year – Independent Dealer – is the used car supermarket group Fords of Winsford, now known as FOW. Frosts Cars was highly commended.
Bristol Street Motors Motornation has opened its latest dealership in Stockton-on-Tees following a £500,000 investment from the group.
Cazoo has completed the launch of its online used car retail and vehicle subscription offering to the Spanish market, promising to offer “the best car buying experience to consumers”.
Winchester Motor Group has celebrated its 2021 Stand Out Performers across the group during an award ceremony.
Used car retailers face critical business conditions as unprecedented market turbulence and unpredictability continue to take hold, according to Motorpoint CEO Mark Carpenter.
The RAC Dealer Network wants to recruit an additional 200 used car dealer partners in the first half of 2022.
An “exciting and ambitious phase of growth” at carwow has prompted the online car retail marketplace to strengthen its leadership team with a series of senior promotions and appointments.
A “lingering supply chain crunch” has been blamed for a used car sector that remained 12.2% down by volume on pre-COVID 2019 in Q1, 2022.
The car retail sector should be braced for a prolonged period of uncertainty as OEMs impacted by Russia’s war in Ukraine battle to deliver vehicle supplies and consumers “grapple with a cost-of-living crisis”.
Used car marketing provider eBay Motors Group has said that a downward pricing adjustment was “inevitable” in the sector after seeing values decline by 1.5% month-on-month in April.
iVendi has outlined a five point plan to help dealer maximise their online presence as the used car market begins to lose growth momentum.
Cazoo has said that it cannot guarantee it will “achieve profit at all” in a newly-published document detailing the potential risks and pitfalls of its online car retail and vehicle subcription model.
The Trade Centre Group has been announced as title sponsor of the Formula Woman GT Cup team.
Big Motoring World has opened its new 3.5 acre, 450-vehicle Peterborough Fengate store – expanding its footprint to five used car outlets.
