USED car sales increased by 7.8% in October against the same month last year.
Vehicle retail experts at Dealerweb also reported an 18.1% increase in used vehicle finance and a 15.4% increase in GAP insurance sales. Paint protection insurance sales increased 7.4%
Managing Director Martin Hill said: “It is clear that used car operations continue to provide a valuable revenue opportunity for dealers
“The data shows that all aspects of used car retail showed growth in October and we expect this to be a focus well into 2019.”
Finance penetration for used vehicles increased from 44.2% in 2017 to 48.5% last month. Dealerweb argues the growth of used car finance presents a valuable opportunity for dealers as it lags behind new vehicle levels.
Overall used leads increased by 7% showing an increase in conversion by dealers on the same month last year. Digital enquiries leapt by 15.6% while walk-ins dropped by 0.5%.