8:59 am, February 19, 2024
The used car market is benefiting from an increase in ‘virtual footfall’ so far this year after a tough end to 2023.
That is the verdict of Motom boss, Julian Humphreys, who believes that prices are now starting to stabilise once more.
Appearing on the latest episode of the Car Dealer Podcast, the tech expert said even EVs have enjoyed something of a resurgence in 2024.
He also told hosts that while February has been slower than January, Motom has benefitted from a strong start to the year overall.
The firm is a tech-backed social network which aims to connect used vehicle wholesalers, dealers and traders with stock and customers.
Humphreys told podcast hosts James Baggott and Jon Reay: ‘I think that we are probably seeing virtual footfall returning and actually since the turn of the new year, seeing more of an active market than we did in the back end of last year.
‘In the back end of last year we saw wholesale prices fall – I think they fell virtually 11% over the last three months of the year – which I think made some people nervous.
‘I think with January books starting to stabilise, buyers are now returning and we had a really strong January, including electric vehicles interestingly, so there’s definitely appetite across the board.
‘We’ve seen, as I say, a strong January which hasn’t necessarily carried into February as of yet but February is a strange month with half-term in it so take that with a pinch of salt to a certain extent. We have started strong.
‘I think the wholesale market fall in the last three months of last year was a little bit of a surprise to everybody but prices have now stabilised for sure.
‘That is why we are seeing buyers return with both physical footfall and virtual footfall.’
The Car Dealer Podcast, sponsored by JATO, sees an industry guest join our hosts to discuss the motor trade’s biggest headlines of every week.
Among the topics up for discussion in the latest episode were Carwow’s deal to buy Auto Express, the latest video in our Selling Supercars series and the fastest-selling used cars of the year so far.
You can listen to all episodes of the Car Dealer Podcast on Spotify, or wherever you get your podcasts.
