Almost a quarter of used car retailers have turned to Government-backed COVID-19 recovery loans or overdrafts to fund their forecourt stock since lockdown, NextGear Capital has found.
Cox Automotive has promoted its UK CEO Martin Forbes into the position of president of Cox Automotive International, effective immediately.
Unpredictable trading conditions prompted a drop in retail demand for 65% of car dealers, according to the latest sentiment survey from Modix.
NextGear Capital has appointed Simon Baldwin to its leadership team as operations director.
Car dealers reported a 60% decline in demand during March as reaction to political uncertainty over Brexit the introduction of WLTP-related taxation changes caused owners to hold on to their cars for longer.
Cox Automotive has reported that volumes of nearly-new diesel vehicles declined in January as the used car sector showed stability by “following its normal seasonal pattern”.
Additional used car stock is part of the 2019 business plan of 52% of car retailers during 2019 – as 65% target growth in the sector.
Demand for used car stock remained high during November with “manufacturers still struggling to get vehicles onto dealer forecourts” four months after the disruptive introduction of WLTP emissions test legislation.
Cox Automotive has reported 6.3% increase in used car volumes coming through Manheim auction sites during October as retailers battled for stock amid new vehicle supply shortages.
Cox Automotive has said that sales of used diesel vehicles have continued to contrast those of new diesel cars, despite a year-on-year price rise less than a third of those attracted by petrol counterparts.
Secure Trust Bank has targeted growth in the in the near-prime and prime car finance sector after appointing former NextGear Capital boss David Mercer as managing director of its motor finance division, Moneyway.
Cox Automotive reported a strong end to 2017 as average used car prices rose across its Manheim auctions, Dealer Auction, NextGear Capital and Motors.co.uk businesses.
Cox Automotive has appointed Liam Quegan as managing director of NextGear Capital as the business looks to realise the next stage of its growth plan.
NextGear Capital has marked the milestone of 200,000 vehicles funded since it launched in 2014, hailing the stock funding business’s growth as “outstanding”.
Manheim’s average used car price rose by 16% in September as Cox Automotive’s wholesale and retail businesses ride a wave of “higher quality and of lower mileage” stock.
A shift in the selling price of used cars helped average used values to rise 5.2% in June within Cox Automotive’s wholesale and retail businesses.
Cox Automotive’s wholesale and retail brands saw a year-on-year increase in sold volumes in May, with selling prices up across the board.
Auction4Cars saw £600,000-worth of stock purchased by dealers using the NextGear Capital Stocking Plans in one month.
