The Industry Expects Strong Demand For Used Cars

The Industry Expects Strong Demand For Used Cars

The automotive industry is predicting that there will be a surge in interest in used cars as dealers across the country start to reopen for business…

A Strong Demand For Used Cars

A new survey suggests that at least half of buyers expect strong demand for used cars once dealers reopen for business. Conducted by Aston Barclay, the survey’s results have encouraged the company to expand its weekly digital auction sales programme. Around four out of five buyers (80%) expect to buy up to 30 used cars over the course of the next month. More than half of them (59%) said they’d be buying stock in the £5,000 – £15,000 price bracket; with many expecting SUVs to maintain their popularity after the coronavirus pandemic has died down. Dealers seem to share buyer’s confidence. Around 44% of them have said they intend to buy stock online once market conditions normalise.

Preparing For The New Normal

The optimism of buyers and dealers doesn’t mean they expect a return to business as usual. Indeed, most accept the inevitability of a ‘new normal’ centred around social distancing and increasing emphasis on digital transactions. Neil Hodson, Aston Barclay’s group chief executive, has shed some light on its social distancing measures. He said, “every part of our recent business review focuses on what the new future will look like to enforce the safety of our colleagues, buyers and vendors”. He added, “combine that with the results from the buyer survey where the industry is predicting a healthy used car market in place from the off, we believe we are in a good place and ready to play our role in supporting the industry as it returns to work”.

Hodson explained that the company’s measures were actively encouraging more online and digital transactions. He explained, “our investment in our buyer’s app means quality images are paying off as buyers are now basing all their buying decisions on online photos and condition reports”. He added, “our unique grading and assured warranty-style product provide further confidence when buying online”. In other words, making transactions in a way that avoids physical contact seems to be the way the wind is blowing; a trend that existed long before coronavirus, it’s now become even more entrenched in the long-term planning of industry giants.

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