New car registration results for June and the first half of 2024 have been published this morning, and it's not a pretty picture for private new car sales. 2024 has been the worst year for private new car sales for at least 25 years. Although the industry is highlighting poor private EV sales (because it wants more government subsidies), this affects all new cars. People just aren't buying new cars, whether petrol, diesel, hybrid or electric. This also affects car dealers, since private customers buy their cars from dealers and fleets tend to deal with leasing brokers or directly with the manufacturers. This is the biggest issue in automotive retail, and it continues to get lost in the noisy debate about whether EVs are good or bad. #automotive #cardealers #automotiveretail #smmt #newcarsales #ev
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🚗 UK new car market growth still being driven by fleets 🚗 UK new car registrations rose by 1.1% year-on-year in June. The Society of Motor Manufacturers and Traders (SMMT) said that this market growth was still, as in recent months, being mainly driven by fleet registrations, which were up by 14.2%. Fleets are also driving EV registrations, which were up by 7.4% year-on-year in June for a 19% new car market share, with fewer than one in five of these going to private buyers. Reacting, Richard Peberdy of KPMG UK and Jon Lawes of Novuna Vehicle Solutions said the industry would be looking to the next government to boost the EV market. Read more online: https://lnkd.in/eCScjDFt 🔔 Click our follow button to see regular car and fleet industry news and insights, and subscribe to our newsletter 🔔 #BusinessCar #carsales #newcars #fleet #evs #electricvehicles
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Increasing reconditioning cost on Used Cars have been on the rise, leaving Used Car Managers feeling the pressure to maintain front-end grosses. Average recon costs have surged from $1800 to $2200, reaching close to $3000 for older cars with higher mileage. As we navigate these challenges, why not disclose all reconditioning line items in the vehicle description? This not only justifies pricing but also provides consumers with peace of mind when making a financial commitment. Instead of complaining, why not showcase the investments made in Used Cars? Maintain a winning attitude in the face of these changes. #UsedCars #ReconCosts #Transparency #ConsumerConfidence
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Electric vehicles are powering a surge in used car sales, new figures show. The Society of Motor Manufacturers and Traders (SMMT) said that 1.93 million cars changed hands in the UK between April and June. The figure represents a 7.2% increase on the same period last year, a rise the SMMT said was partly the result of sustained growth in the new car market leading to better choice and availability of used vehicles
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Through the first half of this year, car repossessions are up 23% from the first six months of 2023 and 14% from 2019 levels, according to Cox Automotive. Check out this new article for more timely insights on current trends in auto finance: https://lnkd.in/eVw4E3PT #usedcars #autofinance #repossessions
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Dive into our guide for first-time car buyers, navigating the ins and outs of financing your dream ride. From understanding loan options to budgeting wisely, unlock the keys to turning your dream car into a reality. View our range of vehicles: www.wpmotors.co.za #WPMotors #ZeroDepositDeals #NationwideDelivery
WP Motors | Cars For Sale
https://wpmotors.co.za
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Dive into our guide for first-time car buyers, navigating the ins and outs of financing your dream ride. From understanding loan options to budgeting wisely, unlock the keys to turning your dream car into a reality. View our range of vehicles: www.wpmotors.co.za #WPMotors #ZeroDepositDeals #NationwideDelivery
WP Motors | Cars For Sale
https://wpmotors.co.za
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UK car sales hit a 20-year high in February, driven by electric vehicle purchases for business fleets. However, most EV growth comes from companies, not private buyers. The SMMT says government action is needed to make EVs more affordable and address range anxiety to encourage wider adoption. 🚗 #UKcars #ElectricVehicles #CleanTransport
UK new car sales reach highest February figure in 20 years
theguardian.com
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Seeing the stats on the #carshortfall since 2020 really puts things into perspective, doesn’t it? With fewer #leasereturns expected, it's clear the #usedcarmarket will feel the pinch. While we might not see the dramatic price hikes of '2021', staying steady at high prices seems likely. It’s times like these that the #automotivesoftware solutions I work with can really make a difference for #dealerships and #repairshops. Adapting is key, and I’m here to help with that. Let's navigate these challenges together! #AutoIndustry #CarSales #AutomotiveSolutions Know more at Gateway Digital USA (A Gateway Group Company) or even simple, DM me directly for quick chat! #gatewaygroup #automotiveconsulting #automotiveinnovation #gatewaydigital #us
Here's the issue: We underproduced 10M+ cars since 2020. The result? Used car shortages are on the horizon (again). Check out the amount of lease returns (or lack thereof) dealerships are expecting over the next 3 years. Fewer lease returns = fewer used cars in the market Do I think used car prices will *rise* like they did in 2021? No, although some makes/models may. The more likely scenario? Used car prices will remain stubbornly high. (Data via CDG Sponsor: Cars Commerce #CarsCommercePartner)
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In October’s new Startline Used Car Tracker, we asked dealers how they felt about the state of the used electric car market. Almost three out of 10 dealers (29%) believe it is maturing, 32% that used electric cars now look like much better value following dramatic falls in price, 27% that buyer interest is improving, and 24% that EV values have stabilised for the long term. However, 27% say that current price stability could be temporary. Our view is that, after the huge volatility of recent years, used electric car prices and values appear to have steadied but there remains wariness in the trade around electric cars, with some dealers thinking that there will be further disruption in prices and values. Given the kind of price falls that occurred when many were holding stock, this caution is very much understandable. More details on this month’s Tracker can be found at https://ow.ly/IY8J50TB3zq #Startlinemotorfinance #motorfinance #dealers #dealership #autoretail #motorindustry #StartlineUsedCarTracker
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