As we reach the midpoint of the year, the UK remains an outlier in the used vehicle market, especially compared to the US and Canada.
Higher-priced vehicles continue to impact the data, although not in quite the same way as last year, as consumers seem to have shifted their buying preferences from any vehicle to a vehicle under £20k — and, ideally under £10k.
April saw a continuation of trends from March with inventory levels effectively flat (up 0.005%) from March and year-over-year levels remaining positive compared to heavily impacted 2021 COVID levels.
There had been a hope that August could be a turning point in the ongoing chip shortage currently battering the global automotive industry; however, that hope came and went with the reality that a resolution in 2021 is not likely. In fact, the UK now looks to be experiencing a direct hit from the chip maelstrom that we’ve seen in other markets in recent months.
3 Supply concerns troubling the auto industry in the UK – and how to keep them from impacting the car buying experience
The Covid pandemic remains top of mind for most people in the UK as infections continue to spread. However, car dealers have been allowed to reopen as of April, customers are once again able to browse showrooms in person, and demand has surged for vehicles in the UK.
Even with optimism growing, several issues threaten the stability of the new vehicle market in the UK in the coming months though. Since it pays to be prepared, here’s a look at the anticipated supply concerns for the UK auto industry.
Efficiency and profitability go hand-in-hand, which is why stock turn is critical to dealers. Many within the industry consider around 45 days an acceptable average turnover, but averages mean there are businesses that beat it and those that don’t. Time really is money, so the faster you sell cars, the more you make, and our five top tips will help you sell your vehicles that much sooner.