Dealerships will have to reach out to customers differently to keep sales moving in a difficult market, Cazana has said.
The market has seen a big reduction in the number of customers coming into the dealership, likely due to the social distancing being practiced in response to the spread of coronavirus in the UK.
The data supplier has said that overall demand is down.
It reported that Retail Pricing for newly listed cars has dropped by 6.6% between the second and third week of March representing a dip of on average £1,491 per vehicle where the average price of a used car across all sectors was £22,832 and now rests at £21,341.
Looking at varying fuel types, petrol pricing across all market sectors has declined.
The biggest move has been for the F Sector or Luxury car segment, with a retail price dip of 16.96%, which Cazana has deemed “very significant”.
However, retail pricing for newly advertised diesel products has increased over all sectors except the Lower Medium C Sector.
Petrol Hybrids reportedly had more retail pricing stability than other fuel types, which is likely due to the lower volume of cars in the market matching demand more closely.
Overall, the small car market has shown the greatest stability with pricing down by a touch over 1 percentage point, while there has been a half a per cent increase in the market share.
