2:23 pm, February 28, 2009
Used cars are selling well for VRS
MANHEIM’S vehicle remarketing arm VRS has had a recession-beating start to 2009.
Following the theme in the industry with many buyers looking for used cars rather than new, VRS has reported sales up an impressive 50 per cent.
Topping the charts for VRS is small cars with prices rising 10 per cent in the first few weeks.
The shift towards used vehicles has been so dramatic there is even evidence of stocks running dry.
‘There is clear evidence that many more franchise dealers have focussed on the used car market this year as a primary profit stream,’ said Lewis Arthur, VRS managing director.
‘It’s hard to believe the almost instant upturn we’ve seen since January 1, but with sales at the current high level, we’re actually starting to run short of stock.
‘It’s good to see a certain degree of optimism in the retail sector, not seen for many months, but we do need to be very cautious as the economic environment is still highly uncertain.
‘Nevertheless, sellers and buyers alike are enjoying a much needed spell of buoyant used car trading, as we move into the all important March market.’
VRS is auction house Manheim’s direct sales arm for the trade.
by Jack Kyte
