Almost half of dealers (48%) are planning to use social media as a key used car marketing tool this year, according to new research.

The February Startline Used Car Tracker asked car retailers which strategies they planned to use to maximise sales this year.

The data is compiled each month by APD Global Research and 301 consumers and 61 dealers took part.

Paul Burgess, Startline Motor Finance chief executive, said social media offers a relatively low cost marketing strategy that can help dealers to reach new customers.

Other answers included offering bigger discounts (38%), encouraging customers to change their cars earlier (36%) and improving their motor finance offering (34%).

Also, 31% plan to change their stocking focus, 26% are intent to focus on improving the customer experience and journey, and 15% will increase sales team incentives.

Burgess said: “While the used car market remains very resilient, there’s undoubtedly a readjustment underway following several boom years in the wake of the pandemic, so dealers are looking for ways to maximise sales.

“In addition to social media, it looks as though there are some much more traditional sales methods being adopted, such as offering bigger discounts and contacting the existing customer base to encourage them to change their cars earlier.”

The results also showed that 31% are looking at improving their finance offering.

Burgess added: “Certainly, we are talking to quite a large number of dealers about their lending panels and how they can be made more flexible in order to meet the needs of car buyers in 2024.

“Alongside the focus that our research shows on the customer experience and changing stocking focus, it seems that many dealers are determined to place a renewed emphasis on meeting consumer needs.”