Car retailers increased their stock of used cars by an average of 15% in May but took longer to sell vehicles according to analysis of year-to-year trends analysed by Motors.co.uk.
Brexit is yet to have an impact on used car values in the UK according to Cap HPI’s latest analysis of the UK automotive sector.
Car buyers searching for a used electric vehicles (EVs) are being "pushed out" of the market by prices after average values rose by 11% to £23,361 during April, Auto Trader’s Retail Price Index has revealed.
Used car stock levels have risen by 12% year-on-year, according to Motors.co.uk.
Manufacturers are repatriating increasing numbers of ex-lease vehicles back into their franchise dealer network as demand for quality used stock increases, reports epyx.
Used car values declined during February for the first time since 2008 as car retailers begun to show signs of "reluctance" to squeeze their profit margins any further, according to Cap HPI.
Evolution Funding has secured investment to support its expansion from mid-market private equity investor LDC, which will take a significant minority stake.
Auctions halls around the UK were heaving in 2018 as many dealers turned to the used sector to bolster profits. The result was the unusual phenomenon of high used volumes and record prices.
A lack of “good quality and desirable stock” has not been enough to stall rising used car prices as demand from consumers defies the uncertainty caused by Brexit, according to Cazana.
Rising overheads, increased competition, sourcing the right stock, Government policy and Brexit are all set to impact car dealers in 2019, according to responses to the CarGurus One Voice Report.
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.
Auto Trader and Cox Automotive UK have completed the joint venture process to bring together their used car stocking platforms under a re-launched Dealer Auction business.
Tootle has expanded into online used car retail by establishing a platform which allows car dealers to retail as well as replenish their second-hand car stocks.
Increasing numbers of used car dealers are turning to the classifieds and lower grade stock as demand continues to outstrip supply, according to Manheim.
Supply constraints triggered by the introduction of WLTP have resulted in used car values that have defied the usual season trends, according to Cap HPI.
Hyundai’s Tucson SUV has emerged as Auto Trader’s fastest selling car for October after the 2015 diesel manual variant took an average of just 19 days to leave car dealer’s forecourts.
Fleets will continue to delay disposal of their vehicles until next spring as many await an end to the emissions taxation uncertainty surrounding WLTP, ADESA Remarketing has said.
Car retailers are preparing to accelerate their investment in used car sales for as the sector shows “no signs of slowing in Q3”, according to a survey carried out by Manheim.
Nextgear Capital has said that a used car stock funding is poised for further growth as dealers look to “boost their buying power” amid rising values and a rush for stock.
A race for vehicle refurbishing services could be sparked by used car stock shortages which are leading car dealers to downgrade the condition of stock they are buying to fill their forecourts, according to the Vehicle Remarketing Association.