Used market 'back on the up'

Time 1:04 pm, August 4, 2010

used-car-forecourt-300-copyAFTER a depressed few months the used vehicle market is back on the up, reports one vehicle remarketing company.

Yorkshire-based G3 Remarketing says realistic valuations by vendors are the reasons for the used car market’s signs of recovery.

G3 Remarketing Director Matt Dale said: ‘Vendors have to assess what is more important. Should they aim for a three-figure CAP percentage with a low conversion rate or be willing to take a pragmatic view on both elements?

‘Those vendors who work with their remarketing supplier will inevitably experience a better combined result and maintain their buyer following throughout these indifferent market conditions.

‘The continued fall in prices published by CAP has helped however the main contributing factor is vendors assessing vehicles on their realistic values rather than those suggested by the industry experts.’

Over the next six weeks, the company is hopeful of continued success in the used car industry.

Dale added: ‘We envisage that August and early September will witness a slight shortage of vehicles that will help maintain the current market upturn, however, unloved examples will still struggle to find new homes as buyers continue to discount them heavily based on damage.’

By James Batchelor

James Baggott's avatar

James is the founder and editor-in-chief of Car Dealer Magazine, and CEO of parent company Baize Group. James has been a motoring journalist for more than 20 years writing about cars and the car industry.

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