82% of motor dealers use market data to help inform their stock decisions, according to Close Brothers Motor Finance.
Close Brothers’ Forecourt Foresight research surveyed over 130 dealers.
Lisa Watson, director of sales at Close Brothers Motor Finance, said: “Our latest Forecourt Foresight research shows just how important market data is to dealers, with the vast majority relying on it to make informed stock decisions for their forecourts.
“External factors including rising costs are causing drivers to make cutbacks where they can and this could have a knock-on effect on their next car purchase and in turn, change the type of vehicle they want to purchase.
More than two in three (68%) of those who utilise the market data say they use it to ensure they are setting the right selling price. 56% use it to check they are buying stock at the right price and a third (33%) use it to see which vehicles are popular in their area.
However, 18% of respondents say they do not use market data to inform stock decisions.
Watson said: “For motor dealers it’s essential they’re continuing to use these insights and ensure they’re stocking the right stock to meet this changing demand.
“For the dealers who aren’t using these insights, they could be missing out not just on future business, but also run the risk of not stocking the right vehicles to meet the demand in their region – which could impact their bottom line.”