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.
Patel has over 25 years of experience leading sales opportunities across multiple divisions within various industry sectors, ranging from banking and financial services to retail and automotive. Chet will report to Mark Turnbull, director of OEM and consulting at cap hpi consulting.
New tool is available for free to current subscribers in the Valuation Anywhere product. Experts at cap hpi say the tool could prevent dealers from missing out on potentially thousands of pounds in profit by not valuing optional fitted extras accurately.
The fall of 0.1% was the strongest performance in a month since March last year and is in line with the average movement in January, which sits at -0.3% for the previous eleven Januarys since Cap Live was introduced and is the fourth most positive January in that period, the strongest being a 0.6% increase in 2020.
Daily Movement Report provides dealership groups with a comprehensive view of the market. It offers supplementary information to cap live product. The vehicle data is compiled using extensive real-world trade and retail data from across the industry, which is analysed by an expert team. Users can review the market by sector, manufacturer, vehicle size and fuel type.
Based on forecourt stocking interest rates rising in 2023 and with used prices falling sharply in the wholesale market dealer groups have introduced major buying restrictions or total bans. These have all contributed to a fall in conversion rates at auction just as used car volumes are starting to rise.
New deal will help Arnold Clark enhance the customer experience with accurate vehicle valuations and comprehensive provenance checks. Operational capabilities will also be improved with access to the full range of data and tools from cap hpi.
The market is in realignment, with values dropping by a cumulative 13.6% in seven months since April. It looks like November will see another reasonably large drop. However, values could also start to stabilise, particularly if dealers and car supermarkets start to stock up, with an eye on January.
Values at the one-year age dropped by an average of 3.6% in the month, equivalent to c.£1,225, not helped by more late-plate cars and some pre-registration activity. At older ages, values dropped by 4.3% at five years and by 4.5% at 10 years, equating to £550 and £240, respectively.
August has seen less pressure for some of the smaller and medium EVs, and many of these models now hit an attractive price point in the retail market and are encouraging wholesale buyers. The Kia E-Niro , Peugeot 2008 and VW ID.3 have all increased in value this month. However, some heavy reductions have been applied to some more expensive, premium EVs at the 1-year, 10,000-mile point, including the Audi Q4 E-Tron (-4.0%/£1,475), BMW iX1 (-4.0%/£1,675), Jaguar I-Pace (-4.0%/£1,550), Mercedes-Benz EQC (-5%/£1,500) and Polestar 2 (-6.0%/c.£2,000).
