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4 people found this useful Demand for used cars is starting to accelerate as buyers look to make post-lockdown purchases, according to Startline Motor Finance. The company says pent-up demand for used cars demand is now beginning to become apparent, following a “very busy” February and March-to-date. Paul Burgess, Startline chief executive, said: “We’re not talking about a dam burst of demand suddenly being unleashed in the market or perhaps even the kind of sudden, strong demand that we saw last summer but there’s a detectable sense of the market just starting to rev up. “What is probably happening is that there is a general sense of optimism as the vaccination programme rolls out relatively quickly and a gradual return to some kind of normality looks to be in reach. This inevitably feeds through into increased consumer confidence which is a major influence on used car sales.” ....
Click the thumbs up > Car auction firms believe that values for used petrol and diesel cars will remain strong or could increase, despite a decline in the used car market. Motor auction members of the National Association of Motor Auctions (NAMA) have told the trade body that internal combustion engine vehicle values have held steady during the recent lockdown in the United Kingdom. In a recent survey it found that 90% of respondents believe both petrol and diesel values would remain strong or further increase. Auctioneers also say first time conversion rates are performing well, with 67% expecting rates to increase over the next month, with the remaining 33% expecting them to stay the same. ....
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. ....