10:31 am, January 26, 2018
COX Automotive has released annual results outlining the group’s performance across its wholesale and consumer portfolio over the past 12 months.
The data reveals that 2017 was a hugely positive year for the automotive service provider, countering the widely-held industry notion that it was tough going.
‘Against the grain of market expectations, we’ve seen growth across the board, with all businesses reporting a solid 12 months,’ said Philip Nothard, pictured, head of external relations at Cox Automotive.
The group’s auction business, Manheim, confirmed that overall volumes at year-end through its online and physical lanes were stable (within one per cent of 2016). Vehicles sitting within the £10k-£20k price banding in particular saw strong growth, up nine per cent for the year. Average mileage of vehicles throughout the 12 months decreased seven per cent (from 60,714 to 56,419).
The organisation’s Dealer Auction platform, the UK’s largest trade-to-trade online auction site, also reported positive annual results which exceeded forecasts, with a seven per cent uplift in volume sold, compared to 2016. The platform also recorded an impressive 12 per cent increase in average sales value.
Meanwhile, the consumer market also performed well. Motors.co.uk, Cox Automotive’s car sales platform, recorded a 9.6 per cent growth in average retail price listed, from £11,954 in 2016, to £13,108 in 2017.
The group has also released figures on sales by fuel type, which contrast with SMMT figures on the new car market, and show that both wholesale and consumer used car channels reported positive diesel sales for the year.
Manheim recorded a one per cent rise in sales volumes for used diesel vehicles (versus a three per cent drop in used petrol vehicles), while Motors.co.uk reported positive growth for diesel vehicles in both the £20-£30k and £30-£40k price bands.
Concluding the figures, NextGear Capital, the stock funding arm of Cox Automotive, saw a 37 per cent increase in units funded and reported a 3.7 per cent increase in dealers using the business during 2017.
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