Used car market ‘stronger than it has been’ as sales figures soar to record highs

Used car market ‘stronger than it has been’ as sales figures soar to record highs

Used car sales show the industry is looking “stronger” than it has “for months” as motorists desperately look for safer alternatives to travel. Used car sales service has recorded a staggering 100 percent week-on-week growth in transactions as buyers battle for cheap models.  

He said: “Unlike many other industries, the used car market is now looking stronger than it has been for months.  

“Consumers wanting a quick sale for the best price, and dealers looking to replenish their stock, are now embracing the efficiency of doing everything online with Motorway.”

He added: “With ballooning sales and a surge in new dealers signing up, Motorway’s experience suggests strong growth ahead in the used car market. 

“Motorway expects this trend to continue through 2020 as both car sellers and dealers adapt to the post-Covid market with a much greater focus on efficiency, speed and transparency.”

Sales were up a massive 13.3 percent between June 4 and June 10 which equates to an extra 12,000 used cars sold every day. 

The used car market has remained resilient over the lockdown despite the new car industry all but collapsing. 

Data from the Society of Motor Manufacturers and Traders (SMMT) revealed used car sales were down 30 percent in March on 2019 totals. 

However this was compared to a massive 44 percent decline for new car sales over the same period. 

Tom Leathes has predicted the used car market will embrace technology and predicted there would not be a return to an industry predominantly run on physical sales. 

He said: “The car industry has been behind others in embracing technology, but that is changing – and there will be no return to how things were. 

“Motorway is delighted to be at the forefront of a fundamental movement towards a better experience for the long term. 

“We look forward to continuing to drive technology to help the used car industry get back on the road.”

Published at Wed, 17 Jun 2020 06:17:00 +0000