Latest analysis from the cap hpi POWER UPdate identifies a significant shift in size segment in January 2024, with a considerable decline in upper-medium vehicles, from 45% to 30% of all UK BEV sales, and an increase in smaller cars, from 20% to 30%.
Assessing the trends, from previous DAS surveys, current profit return scores have been variable with dealers having had to weather shortages in the global supply chain and a cost-of-living crisis. Kia held the top spot with a score of 8.8, a reduction of – 0.3 from their score of 9.1 in the previous survey.
Motor retail technology company said that, from a sample of more than half a million sessions of consumers using its motor finance tools, 4.3% were potentially classified as vulnerable. Of these, almost one in five (17%) were successfully signposted to third party and lender links such as support lines.
April’s new Startline Used Car Tracker also reveals that 36% think more manufacturers will change their minds and drop agency, 23% that it is proving wrong for dealers, and 21% that it is proving wrong for manufacturers.
Cap data shows that many dealers seem reluctant to stock EVs despite rising demand from consumers. If the ZEV mandate is to work effectively, every new car needs a used buyer later in life, and dealers have a role to play in building their local markets.
Overall average selling prices remained stable in the LCV sector but price re-alignments across Euro 6 LWB product was evident. The average selling price over the quarter was £8,766, a year-on-year reduction of 3.2% (or £287). A change in age dynamics was very evident in Q1, according to Manheim’s figures. At 64 months, the average is a full 11 months younger than the same period in 2023. On the flip side, overall return mileages remain high at 82,056, 166 more than the 2023 average.
INDICATA white paper shows prices of used BEVs peaking in Q3 2022 where demand and the chip shortage weakened supply. But then prices fell as OEMs pushed discounted new and nearly new used BEVs into the market which coincided with rising volumes of two and three-year ex-PCP, leasing and salary sacrifice BEVs. This caused prices to crash by over 30%.
One thousand recent car buyers were asked a series of questions about the online motor finance process* – with 87% saying it was fair and transparent, 82% that they felt in control and 85% that they were given sufficient information which explained the available finance products.
Average score for the question ‘How do you rate your manufacturer overall?’ leapt from 5.8 out of 10 six months ago to 6.4 with Kia and Mini shared top honours, scoring 9.2. The eight Stellantis brands combined average score was up from 2.6 in October 2023 to 5.3 in April although JLR did not fare so well with Jaguar in last place with a score of 2.9. Land Rover was the second fastest falling brand.
Speakers at Driving Digital 2024: The Dealership of the Future are Graeme Potts, CEO of Eden Motor Group; Dale Wyatt, director of Suzuki GB; Mark Busby, commercial director of Hendy Group; Owen Edwards, automotive business consultant at Grant Thornton; Ian Plummer, commercial director of Auto Trader; and Neil Addley, managing director of JudgeService.
