Franchised dealers must offer customers a “seamless used car buying experience by better embracing omnichannel”. That is the view of Steve Young of research and consulting specialists ICDP, writing in Cox Automotive’s quarterly insight, AutoFocus. Young said that mastering omnichannel is essential if franchised retailers wish to avoid losing used vehicle customers. He also cited… Continue reading Embracing omnichannel is a must for used dealers
Author: Motor Trader Online News
Dealers see post-pandemic surge in warranty sales
The number of warranties sold for 10 to 20-year-old cars has risen by 67% since the pandemic. In 2020, 6% of all policies sold through the RAC Dealer Network’s 1,200 used car retailers were for vehicles in this age range but during the first six months of this year, it had risen to 10%.… Continue reading Dealers see post-pandemic surge in warranty sales
Dealers expect incoming Chinese brands to succeed in the UK
Franchised car dealers expect Chinese brands to secure a “significant share of the UK’s new car market” within the next five years. According to carwow, expectations are that Chinese brands will establish a modest foothold over the coming year, but their market share will increase markedly thereafter. Only 13% think Chinese brands won’t be successful… Continue reading Dealers expect incoming Chinese brands to succeed in the UK
Trade body RMI raises issue of ‘precariously high” used car values
The Retail Motor Industry Federation (RMI) , the umbrella organisation for franchised dealers (NFDA), independent garages (IGA) and auction houses (NAMA) , has raised doubts on the health of the used car market in the UK. In the strategic report accompanying accounts filed at Companies House it said values were “precariously high”. “The used… Continue reading Trade body RMI raises issue of ‘precariously high” used car values
Hedin Automotive buys Stephen James BMW and Mini dealerships
Hedin Automotive, a subsidiary to Hedin Mobility Group, has entered an agreement to buy Stephen James Alliance. The deal takes in the group’s BMW and MINI business, including new and used car sales and aftermarket operations. Stephen James Group employs 400 people and sells 6,000 new and used cars annually from its London dealerships. It… Continue reading Hedin Automotive buys Stephen James BMW and Mini dealerships
Used car values down 1.9% in July, dealers purchase with caution
Used car values fell by 1.9% in July. According to data experts at cap hpi, the fall is a larger drop than the average pre-COVID July figure of a drop of 1.2%. The largest-ever July decline was 2.2% in 2019. Cap hpi said that dealers remain cautious when purchasing stock, and it is important to remember… Continue reading Used car values down 1.9% in July, dealers purchase with caution
Group Auto Holdings tables £504.2m takeover offer for Lookers
Group Auto Holdings has increased its takeover of Lookers offer to £504.2m. In June Canadian dealer group Alpha Auto Group, a sister company of Group Auto Holdings, tabled a £465m bid for dealer group Lookers. Shareholders rejected the previous offer. Lookers Directors intend to recommend “unanimously” that Lookers Shareholders accept the increased offer. Global Auto… Continue reading Group Auto Holdings tables £504.2m takeover offer for Lookers
Rivervale acquires leasing broker OSV
Brighton based automotive group Rivervale has acquired of Worthing based leasing broker, OSV. The acquisition is part of Rivervale’s expansion plan following the management buyout in 2022, which saw the company become fully owned by its directors. OSV, established in 1997, has a wealth of experience in the vehicle leasing industry, providing bespoke and impartial… Continue reading Rivervale acquires leasing broker OSV
Motorway acquires Total Car Check
Motorway has acquired provider of vehicle provenance checks, Total Car Check. Motorway said that the acquisition further strengthens its focus on vehicle data accuracy and transparency for its consumer and car dealer customers, and adds Total Car Check’s staff to its team. Total Car Check was founded by David James in 2009, in response to… Continue reading Motorway acquires Total Car Check
Two-thirds of dealers worried about future margin erosion
Two-thirds of car dealers (66%) are worried about future margin erosion affecting their business. Startline’s July Used Car Tracker shows the biggest concerns are high values of used cars squeezing margins (mentioned by 66%), cost of electrification such as installing chargers (52%) and rising staffing costs (52%). Other major worries include increasing difficulties surrounding compliance… Continue reading Two-thirds of dealers worried about future margin erosion