Car supplies could take up to eight years to recover after component shortages and COVID-19 factory closures, according to Pendragon chief executive Bill Berman.
Lookers has boosted its fleet of vehicle delivery and collection vans alongside the launch of a new ‘click and sell’ online used car buying platform aimed at sourcing used car stock from private sellers.
A rapid rate of stock turn has traditionally been a sure-fire way for car dealerships to maximise their used car profits and forecourt space.
Clive Brook Group, Drive Motor Retail, Hendy Group, Inchcape Retail and Jemca Motor Group have all ramped-up their acquisition of private used car stock in 2021.
Used car prices remain at all-time highs and retailers have been told they will have to "buy smarter" to remain competitive as the trend continues into 2022.
Carwow has raised $55 million (£41.5m) to scale its Sell Your Car division after the used car stocking platform delivered 600% revenue growth in just six months.
A stabilising of values in the used van market in recent months may highlight “what’s to come” for the used car sector, according to remarketing giant BCA.
Motorway has set its sights on “further massive opportunity” in the automotive retail sector after achieving ‘unicorn’ status with a $1 billion (£750m) valuation.
Used car dealers are buying cheaper used cars at physical auctions as they search for ways to avoid the impact of limited vehicle supplies and soaring values, according to Shoreham Vehicle Auctions (SVA).
The HMRC has clarified the terms of post-Brexit tax arrangements for car retailers operating in Northern Ireland after changes to the margin scheme created a “hidden trap”.
A television advert for the Motorway car buying service has been banned by the Advertising Standards Authority (ASA) after allegation that it “encouraged driving behaviour that was dangerous”.
IMDA chairman and Specialist Cars owner Umesh Samani chatted about used car marketing "on the road" and unwinding with a V8-powered hobby "off road" in the latest AM News Show Podcast.
Used car values remained at their second highest level ever in a “frenzied” 2021 market at BCA’s auction in October, despite showing signs of “easing back” in the month’s latter stages.
Auto Trader is aiming to drive efficiencies for car dealers with a new stock management system which it claims will remove many of the biggest pain points in vehicle marketing.
Close Brothers Motor Finance has teamed-up with Auto Trader to launch a “motor finance industry-first data tool” offering consumer demand insight to car retailers.
Car dealers’ used car stock levels were 9.4% down year-on-year last month and 16.5% down on September 2019, according to data published by Indicata.
Cox Automotive’s Dealer Auction online used car stocking platform has celebrated increased traction from independent retailers looking to “curate their forecourts” through vehicle disposals.
The Motorway used car stocking portal has seen its vehicle sales grow 300% by value in Q3 after appreciating prices transformed the sector.
Record used car value increases in September have been hailed as a “black swan event” by Cap HPI, with head of valuations Derren Martin describing the seventh consecutive month of rising prices as “extraordinary”.
Used car values are likely to rise to “another new level that once didn’t seem possible” according to BCA chief operating officer Stuart Pearson.
