Click the thumbs up >Dealer Auction anticipates a ‘used car boom’ this year, following a strong performance in Summer 2020.
The digital wholesale marketplace believes the used market is a “glimmer of hope” for the industry.
“It goes without saying that 2020 was a challenging year for the car industry. But it’s true that out of challenge comes opportunity – and, going into 2021, it’s clear that the used car market is more important than ever,” said Le Etta Pearce (pictured), CEO of Dealer Auction.
Reflecting on parent company Cox Automotive UK’s Q3 Dealer Sentiment Survey, which found that two-thirds (64%) of dealers expected used car transactions to increase in 2021; Dealer Auction believes this outlook is still realistic despite the UK starting the year by entering its third national lockdown.
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The Bank of England (BoE) has said that 70% of consumers will hold on to any savings they managed to accrue during COVID-19 lockdown.
In a presentation yesterday (February 4) afternoon the BoE said that private savings accounts were up £125 billion in 2020, despite the economic uncertainty and growing risk of redundancies.
The BoE’s Monetary Policy Committee (MPC) held interest rates at a record low of 0.1% yesterday in a move that could support a return to spending when restriction ease.
But, while it said that the COVID-19 vaccination program could see “bounce back” for businesses this spring, uncertainty remains as to whether car buyers and high street shoppers will spend the nation back to economic health.
In this series, City A.M. looks at the financial and economic impact of the ongoing pandemic on a range of small and medium-sized businesses across London.
4 February 2021
New figures from the Society of Motor Manufacturers and Traders (SMMT) show a 39.5% year-on-year drop in new car registrations last month, making it the sector s worst start to a year since 1970.
A total of 90,249 new cars were registered in the UK last month, down from 149,279 in January last year - two months before the country went into its first lockdown, when the pandemic took hold.
Now, in the third nationwide lockdown, the enforced closure of showrooms continues to have an impact, with the SMMT recording sharp declines across several segments despite the lockdown rules allowing dealerships to operate a click-and-collect service.