10:58 am, June 10, 2019
WANT to know what’s in store for the car market? Cox Automotive will be providing the answers in an exclusive keynote presentation at CDX on Wednesday.
It’ll be well worth listening to, because Cox – one of our headline partners at CDX at Farnborough International – was just 1,005 cars off with its February prediction for the number of used car market transactions in the first quarter of 2019, which reached 2.02 million units.
Cox combines data from manufacturers that sell cars in the UK with information from the SMMT and financial projections to create its predictions for the months ahead. This time, when compared with the final SMMT data for the first quarter, it was within 0.05 per cent of the actual figure.
As the world’s largest automotive service organisation, Cox Automotive can combine data from across the entire vehicle lifecycle, allowing it to create highly accurate medium- to long-term predictions for the market. This year, exclusively at CDX, the company will be sharing more of its findings on the car market in its 2019 Insight Report.
Cox Automotive’s White Paper keynote will take place at 1.45pm on the Live Stage at Farnborough International. Chief executive Martin Forbes will talk through the must-know findings of the report, before taking questions.
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The report looks into all aspects of the industry, making it an unmissable session at CDX for any business leader.
Philip Nothard, Cox Automotive UK’s customer insight and strategy director, said: ‘In contrast to new car sales, the used market showed continued stability in quarter one.
‘While the actual SMMT figure represents a modest decline of 0.6 per cent on 2018, it is still the fourth year in a row that used car transactions have passed the two million mark – a fantastic achievement that shows the strength of the market.
‘We’re seeing more uncertainty in the market during the second quarter of the year. It’s also likely that the number of fleet vehicles entering the used market will stay relatively low. However, we expect to see more rental and manufacturer vehicles available to sell over the coming weeks.’
Cox Automotive employs a dedicated team of data scientists, focused on producing useful insight that supports smart decision making and drives success for its automotive clients.
Last year, the business published its first Insight Report, offering analysis and discussion on some of the biggest topics in the automotive industry.
The 2019 Insight Report – to be published on Wednesday – will include forecasts for new and used car and van transactions to the end of 2019.
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