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Thousands of used vehicles are being stored at a former motorsport venue as the automotive trade reflects on a “lost year” for the industry with used car sales down almost 15%.
Racing at the Rockingham Motor Speedway circuit ended in 2018 when the Northamptonshire track was sold off, with the site near Corby now used to store mainly former hire and ex-lease vehicles before they are sent to auctions or second-hand dealers’ forecourts.
Used cars parked on the 250-acre former motorsport site (Joe Giddens/PA)
The UK’s used car market slipped 14.9% in 2020, according to figures from the Society of Motor Manufacturers and Traders (SMMT), released earlier this month.
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Car dealers across the UK should be braced for “massive pent-up” demand from customers when the current COVID-19 ‘Lockdown 3’ restrictions are eased, according to Buyacar.
While the Bank of England warned last month that 70% of consumers will hold on to any savings they managed to accrue during lockdown – private savings accounts were up £125bn in 2020 – the online car retail platform has said that its data indicated the market was poised for a rapid return.
Reflecting on a trend that has seen commuters move away from public transport in favour of more COVID-safe ways to travel, a recent Buyacar survey found that 86.4% of its website users intend to stick with their own vehicle after lockdown.