NEWS

Welcome to Autorola Group newsletter

Dec 12, 2023   written by Autorola



2023 seems to have flown by quicker than any other year I have known, but during this period we have achieved a great deal across all 20 subsidiaries of our business.

We have seen our MarketPlace online remarketing platform sell more used cars than ever before and it continues to play a major part in managing cross border sales as cars continue to move around Europe in search of the best prices and to balance the supply and demand of used cars.

BMW Group has now been collaborating with us for just over a year and we have provided an update on our pan European remarketing contract where the aim is to optimise used car values by selling vehicles in countries where there is known to be the highest demand.


Healthy growth

Meanwhile, our Autorola Solutions and INDICATA business units have achieved very healthy growth as fleets spend more time on looking to control and managing their assets by introducing more workflow processes and using more Big Data to help them make strategic remarketing decisions.

Talking of Big Data, we are all ready to launch our new INDICATA Forecasting product in Europe in early 2024. In this newsletter we give you a first view of the power of its pricing forecasts as The Netherlands publishes a white paper into the predicted impact on used BEV prices in 2024 and 2025 based of the peak in registrations of new Tesla Model 3s in 2019.

Make sure you download a copy of the white paper and contact your INDICATA country contact to arrange a Forecasting trial in the New Year.

Acquiring 100% ownership

As we write this last newsletter of 2023, I am excited to share that I have acquired 100 percent ownership of Autorola Group, buying out the remaining stake owned by my brother Martin. After 30 years it is a ‘natural evolution’ with Autorola Group set to continue at the forefront of innovation in global remarketing within the automotive industry with effective technological solutions for our clients.

I am eager to strengthen our position in the market. As we look to the future, we remain optimistic and ready to face new challenges with the same dedication and passion that has defined our journey so far.

I would like to take this opportunity to wish you and your families a Merry Christmas and a very Happy New Year.

 

Best regards
Peter Grøftehauge (LinkedIn)

Our group CEO Peter Groftehauge looks back at an exciting and successful 2023 for Autorola and is already looking forward to a busy 2024

Dec 12, 2023   written by Autorola

 

2023 has gone faster than any year I can remember but that’s probably because so much has been going on across the Autorola Group.

 

We launched our partnership with Al Futtaim Automotive in January, which gives us presence in the Middle East for the first time and launched our 20th subsidiary.

 

New INDICATA Forecasting product

Our INDICATA colleagues have been working hard on preparing their new Residual Value Forecasting product for launch in early 2024 which should transform the way leasing and rental companies, banks and finance house’s structure and manage their remarketing strategies.

 

Autorola Solutions has had more visibility at exhibitions and conferences around Europe and the Middle East while our MarketPlace online remarketing platform continues to go from strength to strength with buyers and pan European vendors such as BMW Group and smart.

 

Recognition from Ernst & Young 

We are pleased that our Group received recognition once again as I was awarded the EY Entrepreneur of the Year™ Regional prize for the Funen region of Denmark.

 

The EY Entrepreneur of The Year™ award is a globally renowned program and the most prestigious recognition for entrepreneurial excellence, is also celebrated as a symbol of a forward-thinking business mindset.

 

It acknowledges the extraordinary accomplishments of entrepreneurs in more than 60 countries, and I would like to thank my colleagues around the world for helping to make this award possible.

 

Fleet Europe Remarketing Hall of Fame

Also, during our 10th year of supporting the Fleet Europe Remarketing conference they surprised me by entering me into their Remarketing Hall of Fame.

 

They celebrated my contribution to the development of the international remarketing industry and to the power of online used car selling since 2001, even before the Internet was a mainstream trading tool. Thank you, Fleet Europe, for this recognition, and once again this would not be possible without the support of the 730 Autorola colleagues around the world.

 

I was lucky to join Tim Albertsen, CEO of Ayvens, who won the 2023 Fleet Europe Hall of Fame Award who is also Danish.

 

Becoming the 100% owner of Autorola Group

And if that wasn’t enough, I finished the year by acquiring 100 percent ownership of Autorola Group, by purchasing the remaining shares of the business from my brother Martin who I have worked with since we launched the business in 1996.

 

It will continue to be business as usual with me focused on keeping the Autorola Group at the forefront of innovation in global remarketing within the automotive industry. Our commitment to delivering user-friendly and effective technological solutions for our clients is unwavering, and I am eager to strengthen our position in the market. We remain optimistic and ready to face new challenges with the same dedication and passion that has defined our journey so far.

 

2024 looks set to be an exciting year

Looking ahead to 2024, I look forward to the rollout of the Indicata Forecasting product across Europe and Brazil and exploring new markets in the Middle East. Furthermore, a strategic focus will be to integrate big data and AI to continue to deliver state-of-the-art solutions to the global automotive industry. It already looks like being an exciting next 12 months for the group and we anticipate reaching 1,000 employees worldwide by 2028.

 

 

Global Marketplace Director, Morten Holmsten, updates us on Autorola’s pan-European remarketing contract with BMW Group

Nov 14, 2023   written by Autorola

 

In the summer of 2022 Autorola’s B2B online remarketing platform was onboarded by BMW Group, opening up an additional remarketing channel for their national sales companies, Alphabet Fleet Management and BMW Group Financial Services to sell used stock cross-border. The aim is to optimise used car values by selling vehicles in countries where there is known to be the highest demand.

Currently BMW and MINI dealers in 16 countries can buy used cars on the platform. Recently added countries include Switzerland, Czech Republic and Romania.   

BMW’s national sales companies, Alphabet Fleet Management and BMW Financial Services can upload their ex-lease, rental, and company cars onto the closed Marketplace European platform to provide franchised BMW and MINI dealers with access to their used car stock. Everything is focussed on keeping used cars within the BMW Group network.

Vehicle inspection

In addition, the platform manages the vehicle inspection process and displays vehicle descriptions and imagery in a consistent style, standardising the presentation of vehicles inspected by multiple companies and different types of inspection software. Autorola Marketplace’s platform is also multi-lingual, ensuring a user-friendly interface, to make it easy for as many dealers as possible to engage in cross-border buying.

VAT and luxury taxes are another challenge that Autorola manages efficiently, having been at the forefront of cross-border used vehicle trading for two decades. The VAT and tax element of each transaction is managed in the individual Autorola countries with colleagues assigned to manage the paperwork fast and efficiently.

Centralised vehicle logistics

Vehicle logistics is another area where Autorola’s experience comes into its own for the fast and efficient collection and delivery of vehicles.

All vehicle logistics are managed centrally by a team in Denmark, who plan the fast and efficient vehicle collection and delivery, from country to country. By centralising this key role, the logistics team are continually focussed on filling trucks with used cars to make the cross-border deliveries as cost efficient as possible.

INDICATA powers all the data insights such as the export index, which values individual cars in individual countries, while Autorola Solutions Fleet Monitor workflow management system pulls all aspects of the service together in a single place.

Export index launched

“Our platform has been very well received. We have developed an export index for sellers to make it easier for them to decide which used cars to export to receive better prices outside their home market.

“If you have a lot of similar cars coming back from a lease contract, then export is a strong option. It enables vendors to spread the risk across different markets to avoid saturation, at the same time optimising values model by model.

“It enables unwanted, repeat, or overage stock to be made available within the confines of the BMW family, thus matching up supply and demand.

“The majority of stock coming onto the platform is between three and 12 months of age. Franchised dealer networks want younger used cars as there has been a shortage over the past three years due to Covid-induced vehicle production challenges. The same concept will also work well for older used cars,” said Morten.

One in three used cars are exported

Typically, Autorola is seeing 30% of all used cars it sells in Europe as cross-border transactions and that figure has remained consistent for a long period of time. It has been the main driver for helping companies adopt an efficient cross border used car policy as a seamless part of their overall remarketing strategy.

Seamlessly working together 

“For the Autorola Group it has been very exciting to see the power of our three business units working seamlessly together – the online Marketplace remarketing platform, INDICATA’s real time used car pricing data and Autorola Solution’s Fleet Monitor asset management platform.

“It has shown how powerful the three units are when they are brought together and is how we aim to sell our business proposition in the future. A modern remarketing strategy involves used vehicles being sold online, while asset owners need access to data insights to ensure they make strong strategic decisions both at a micro and macro level.

“The power of Fleet Monitor means everything is managed in real-time from a vehicle order to disposal. The workflow technology remains a unique proposition for our group,” he added.

 

“The first 12 months of the BMW contract has been very productive and has put the group in good shape just as used volumes show signs of increasing across Europe. BMW Group is in a great position to manage those used cars, which aren’t going to stay in their individual countries, more effectively. Over the next three years of the contract, we will constantly develop the platform based on BMW feedback, to further optimise its cross-border remarketing.

 

Autorola Solutions looks back at 2023 – a year of global networking and insights

Dec 12, 2023   written by Autorola

 

In response to the evolving needs of the automotive industry, global networking and knowledge sharing has been a priority for Autorola Solutions in 2023

As we bid farewell to another transformative year, Autorola Solutions takes pride in the milestones achieved and the exceptional customer interactions that have defined its journey. In the dynamic landscape of the automotive industry, 2023 has been a year of innovation, recognition, and collaboration.

Customer-centric interaction is one of the aspects highly valued at Autorola Solutions. As such, the company has taken part in several different conferences and events, all over the world, gathering invaluable opportunities to connect with industry leaders, share insights, and stay on top of emerging trends.

Knowledge sharing at the core

Kicking it off in March, Autorola Solutions organised a global sales training programme in Nyborg, Denmark, to achieve coherent customer interaction globally. In November, a group of representatives of customers globally, met with a small team from Solutions in Frankfurt, for a customer2customer event, highlighting knowledge sharing and working towards collective growth. These face-to-face discussions provide invaluable insights into customer needs and reinforce a sense of partnership.

Additionally, this year we have entered a new joint venture into the Gulf region, and Autorola Solutions’ first step into the market was marked by the participation in the Automechanika Dubai conference in October. This provided plenty of opportunities to meet and establish good connections with many interesting new people, as well as building awareness of our presence in the UAE region. To solidify these connections Solutions also participated in the Lease Conference Dubai in November.

Fleet Europe sponsors

Most recently Autorola Solutions participated in Fleet Europe in Lisbon as a sponsor, for the 10th year in a row. Fleet Europe serves as a recognised institution, acknowledging and celebrating individuals who contribute significantly to the advancement of the automotive sector through events like Fleet Europe Days.

This was another great opportunity to meet customers and colleagues in the industry, highlighting the customer-centric interaction, innovative showcases, and relationship building. This positions us at the forefront of the automotive software market, and we continue to improve our products and set new standards for technologically advanced fleet solutions.

INDICATA celebrates the launch of its new Forecasting product

Dec 12, 2023   written by Autorola

 

The Netherlands has published a new White Paper that predicts how a peak in Tesla Model 3s registered in 2019 will impact the used market during 2024 and 2025

Our new INDICATA Forecasting product is set to be launched in Europe during 2024 which aims to support major fleets, banks, finance houses and dealer groups in proactively identifying and then managing the impact of future residual value trends.

 

The Netherlands has recently used its powerful data to confirm that past registration peaks of the Mitsubishi Outlander and Tesla Model S have led to oversupply of used cars in the future market. This oversupply happened typically around five years after the peak and there is a strong correlation with a fall in used prices.

 

The most recent example of this trend is the large number of Tesla Model 3s that were registered in 2019 in The Netherlands that are expected to hit the used market starting in 2024 and peaking during 2025.

 

Negative pressure on prices

As the price of used BEVs has already dropped significantly in the country over the last 12 months, we expect an additional negative pressure of up to 25 per cent on Tesla Model 3 used values.

 

This impact is expected to be tempered by the intense competitiveness of Teslas in the used market relative to their ICE competitors. The oversupply in The Netherlands will potentially result in the export of used Teslas into other European markets that have a more mature demand from private customers for zero emission vehicles.

 

Creating the Tesla Model 3 factor

In our INDICATA Forecasting model we created the “Tesla Model 3” factor which consists of three tiers with each separate one having an impact of different kinds on used BEVs. This impact starts just before the major de-fleet of Tesla Model 3 at the end of 2024 and is set to impact the BEVs for approximately 12 months.

 

Graph 6 shows the life cycle decay of the different tiers. The upcoming peak for the Tesla Model 3s will have a major impact on the residual values of the car. Due to the huge number of cars returning from lease contracts, the entire electric car market will be impacted not just that of the Tesla Model 3.

 

Reviewing and analysing prices and supply

We plan to constantly review and analyse relative prices and supply over the coming months and years.

 

A full copy of the 13-page white paper entitled Assessing the future impact of Tesla Model 3 de-fleet volumes is available by contacting Frank Tanke, Netherlands Country Manager on ft@autorola.nl or the INDICATA NL support team at support@indicata.nl.

Welcome to Autorola Group newsletter

Nov 14, 2023   written by Autorola



As we move from autumn to winter the used market is becoming more seasonal following three and a half years where everything was impacted by restricted new car supply. In the winter that normally means the market slows down pre-Xmas and then speeds up again in January.

We are seeing more used cars entering the market and our country manager Miguel Vassalo reckons new and used car supplies have returned to normal in Portugal.

In his interview he also also tells us how the Portuguese use car market has become more sophisticated and how multiple buyers and sellers are now using our INDICATA used car data to help them make more strategic buying and selling decisions.

Growth in online remarketing

Our MarketPlace online wholesale platform is also reporting a 30% + growth in 2023 as we are selling more cars that come into the market from dealers, fleets and even for the first time in a while rental companies.

In this newsletter we are also celebrating being presented with the EY Entrepreneur of the Year™ Regional prize for Funen 2023. This is the third year in a row that the award has gone to Autorola which celebrates individuals and companies that demonstrate vision, leadership and success. We look forward to attending the Danish national finals later in November.

Meanwhile, INDICATA keeps going from strength to strength as more remarketing professionals follow those in Portugal by using data to help them make the best decisions regarding used car prices and stock levels.

Tracking used BEV trends

We focus on the different used car trends across Europe, which includes an all-important update on used BEVs. Although they still only account for a small market share 99% of the conversations with our customers are around BEVs and their performance in the used market. Let’s keep the discussion going as we track more than 10m used BEV prices across Europe each day so can share the very latest trends with you all.

Our activity in the Middle Eastern countries goes from strength to strength following our partnership agreement with Al-Futtaim Automotive signed in January. Our Autorola Solutions team have reported back on their recent visit to Automechanika Dubai – the world’s largest automotive aftermarket trade show where we had some great conversations with remarketing professionals in the region. We look forward to continuing to grow our presence in the Middle East.

We hope you enjoy our newsletter.

Best regards
Peter Grøftehauge (LinkedIn)

Autorola awarded Regional EY Entrepreneur of the Year prize

Nov 16, 2023   written by Autorola

 

We are celebrating that our group CEO Peter Grøftehauge was awarded the EY Entrepreneur of the Year™ Regional prize for Funen 2023. This is the third year in a row that the award has gone to Autorola.

The EY Entrepreneur of The Year™ award is a globally renowned program and the most prestigious recognition for entrepreneurial excellence and a forward-thinking business mindset.

Vision, leadership and success

It recognises entrepreneurial achievement among individuals and companies that demonstrate vision, leadership and success — and work to improve the quality of life in their communities, countries and around the world.

EY has been presenting this unique award since 1986, consistently and proudly acknowledging the extraordinary accomplishments of entrepreneurs in more than 60 countries.

Peter and Autorola are in good company with Nordic Bioscience, Minerva Imaging, Liftra, AVK and Sports Connection ApS | SKECHERS the other companies receiving regional awards.

Denmark’s best growth creator

They are all now in play for the award as Denmark’s best growth creator, which will be presented at the national final of EY Entrepreneur of The Year on 23 November.

The judges said: “Autorola Group continues to demonstrate impressive growth in both top and bottom lines and is increasing its number of employees – well done, very impressive.”


Read more here: https://lnkd.in/dpPTWjk

Autorola Solutions exhibits at Automechanika Dubai

Nov 14, 2023   written by Autorola

 

In October a small team from Autorola Solutions visited Automechanika Dubai – the world’s largest automotive aftermarket trade show

At the beginning of October, a small team from Autorola Solutions travelled to Dubai to attend Automechanika, the largest international trade fair for the automotive aftermarket industry. More than 52,000 people visit the trade fair from 161 different countries over a three-day period.

The Autorola team comprising Ib Kimose, Maria Winther, Anders Færgemann Jensen, Ilias Ghiyati and Taisir Sabih were the group’s first presence at an exhibition in the United Arab Emirates (UAE) following the joint venture with Al-Futtaim Automotive announced in January 2023.

Autorola Middle East & North Africa (MENA) Holding Limited exhibited alongside 2,000 exhibitors, representing 61 countries to bring our new proposition to life of reinventing the region’s B2B used-car market.

End-to-end digital platform

Our joint-venture introduces an integrated and end-to-end digital platform for the industry, which will digitise and simplify every step of the remarketing process, with consistent, transparent pricing, seamless automated workflows, and 24/7 auctions. This will allow better trade-in ratios, faster stock movements, and an improved better customer experience.

Automechanika provided plenty of opportunities to meet with many interesting people and establish good connections over these few days as Autorola continues to build awareness of its new proposition within the UAE region.

Keynote speech at Innovation 4 Mobility

On the second day of the fair, Solutions’ business unit director Ib Kimose, gave a keynote speech at Innovation 4 Mobility. where he presented the values and ideas of Autorola Solutions and the single digital remarketing platform concept.

“Bringing people, processes and technology together”, was the message of the presentation, and with Ib Kimose explaining the value that Solutions can bring to a business via its Fleet Monitor used vehicle workflow monitoring platform.

Ib Kimose emphasised the streamlined process of Fleet Monitor, and Autorola’s goal of creating an end-to-end digital and transparent landscape for automotive businesses in the Middle East who are striving to optimise used car supply chain efficiencies through digitalisation.

 

Miguel Vassalo, Autorola Portugal’s country manager tells us how the used market is becoming more sophisticated through the greater use of data insights

Nov 14, 2023   written by Autorola

 

 “The used market in Portugal is becoming more sophisticated as more decisions are being made by using our INDICATA data insights. And with used car volumes increasing as new car supplies improve it will also help make data-led decisions an edge in a fast-moving used market.

“Dealer groups, OEMs, leasing companies and banks also appreciate that INDICATA provides used data in real time which helps them manage their stock more efficiently. Fleets use the data to set accurate reserves when selling at auction while dealers use it to help them invest in the fast-moving stock to add to their forecourts.

“In addition to our Appraisal/Stock Management tool, there is a growing demand for automation capabilities through INDICATA’s Web Service, the sophisticated reports based on Power BI, and our powerful Lead Generator. We are excited to share that soon we will bring even more advancements to the automotive market with the launch of a sophisticated forecasting system.

Back to pre-Covid levels

“From the fourth quarter of 2022, we have observed an uptick in the volume of used cars entering the market in Portugal, which has provided the used car market with more stock. We are more or less back to pre-Covid levels now with OEMs supplying new cars again to rental providers who in turn are feeding the market with younger sub-12-month-old used cars.

“Portuguese new passenger car sales are up by 34% for the first nine months of 2023, with Peugeot, Renault, and Dacia currently the three best-selling brands.

“Inflation is on a downward trajectory plus our country’s national debt continues to fall. Mortgage rates and house rental prices continue to rise but consumers are still buying new and used cars which is providing stability to the remarketing sector.

Reliant on used car imports

“In the last couple of years Portugal has been very reliant on used car imports to help balance supply with demand. Our cross border used car service is at the heart of these transactions and we are seeing an increased number of dealers buying cross border cars from us online. Local buyers continue to embrace online buying and we are now seeing more activity on our wholesale MarketPlace online platform than ever before across all our timed auctions.

“In fact, on the Autorola Marketplace platform in Portugal, dealers find daily the largest national offering of both local and European cars from all segments. The range spans from nearly new cars from rent-a-car fleets to older vehicles sourced from trade-ins or credit recovery, covering everything in between.

“Buyers have also had to change their stocking strategies over the past two years with used petrol cars continuing to be much more popular. Previously Portugal was a very strong diesel market but as the market moves to reducing emissions this fuel type has fallen in popularity.

“Many dealers seek to partner with Autorola as we uniquely integrate technology that aids them in their digital transition. A prime example of this is our Trade-In app, which helps streamline the trade-in management process, from the moment of evaluation to the sale at auction.

Real-time Asset Insight

“Banks and financial institutions are increasingly recognizing the value of complete transparency throughout each phase of the vehicle asset management process. Our Fleet Monitor workflow and management system, embodying the evolving synergy between technology and automotive asset management, has found significant favour among banks, aligning with this emerging preference for continuous insight into asset statuses.

Slow to embrace used EVs and hybrids

“However, consumers have been slow to embrace hybrid and electric used cars as our latest sales data shows. They account for 10.4% and 9.6% of used sales at four years old respectively, rising to 13.2% and 13.0% at less than two years of age according to the latest INDICATA Market Watch insights report.

“When looking at Market Days’ Supply BEVs and hybrids are also struggling when compared with petrol and diesel. In September they were at 104 and 108 days which has come down considerably in line with a fall in prices. This compares with 96 days for diesel and 88 days for petrol.

Things will have to change

“We are working hard to share this data with the industry as things will have to change at the used car end of the market to cope with the growing number of EVs and hybrids now being sold in the new car market. Nearly 50% of new car sales are alternative fuels and this is likely to continue to grow, but with it the market will need greater education about low and zero emission cars.

“Autorola will make sure it continues to play its part in this information dissemination as a new EV and hybrid car market will be restricted from growing over the coming years unless demand in the used car market improves.”

INDICATA tracks the highs and lows of used BEVS in Europe

Nov 14, 2023   written by Autorola


INDICATA continues to keep a close eye on used BEV trends by analyzing its data generated across 13 European countries. And in September there were lots of twists and turns for used BEV values, stock levels and demand.

European used BEV sales increased to 5.0% in September compared with petrol at 34.1% and diesel which slipped to 34.1%, but those figures changed when looking at the age of used BEVs being disposed of.

Up to four years old, petrol remained the best-seller with a 45.8% market share as diesel slipped to just 24.0% with BEVs continuing to struggle taking just 7.8% of sales.

That compared with used cars up to two years old where diesel slipped to just 16.3%, while BEVs accounted for 11.0% with petrol losing 3.2% market share month on month by falling to 42.71%.

At a powertrain level, there was no respite for used BEV prices, which saw a 1.5% month-on-month decline in average prices while used diesels fell by 0.6% fall in prices over the same period, as did petrol prices.

We use Market Days’ Supply to measure the number of selling days there is enough stock to cover, and the higher the number of days, the slower the stock is selling or, the more stock there is to meet current needs.

In September BEVs had an MDS of 91.63 days which is 20.2% improvement in a month and considerably behind diesel at 65.04 days. This made BEVs the slowest-selling powertrain on average.

However, according to our top sellers’ table covering the fastest-selling car models under four years old, the third fastest-selling model amongst all powertrains was the Tesla Model Y, and if you only look at the electric version of the Volkswagen Golf, it became the second fastest-selling model.

Here are some high-level trends for each of the countries in our monthly Market Watch report:

Country

September’s used BEV trends in Europe

Austria

Prices fell by 1.3% which helped them account for 12.3% of sales at under two years of age.

Belgium

BEVS accounted for 8.9% of used sales under two years of age and 13.0% of total stock. Prices fell by 1.3%.

Denmark

BEVS accounted for 35.1% of online B2C used sales of cars under four years’ old

and rose to 47.2% for cars under two years old. Tesla’s Model 3 was the market’s top-selling used car.

France

BEV prices fell by 1.5% and are the slowest-selling powertrain. Market Days’ Supply (MDS) was at 130 days and BEVs were selling 76.6% slower than traditional powertrains.

Germany

Germany is one of the few markets where average BEV prices are higher than January 2022. Market Days’ Supply was 92.3 days with prices falling 3.2%. VW’s ID.3 was the fastest-selling used car.

Italy

BEVs remained the slowest selling powertrain with an MDS of 125.8 days. Prices fell by 1.7% with BEVs accounting for a market share at under two years of age of 4.6%.

The Netherlands

BEVs accounted for 19.5% of used cars under 24 months of age. BEVs are now selling much quicker and have an MDS of 108 days. The Cupra Born and Audi Q4 e-tron were the country’s two fastest-selling used cars.

Poland

BEVs are still a hard sell with an MDS of 117.5 days. BEVs account for just 2.5% of sales at four years old and 4.3% at under 24 months of age.

Portugal

BEVs were the third best-selling fuel type up to four years of age at 10.4% and 13.2% at 24 months of age. BEVs along with hybrids experienced the largest price drops in the month.

Spain

BEV prices collapsed by 5.2% which helped reduce the MDS from 184 to 126 days. Most of these sales have happened in the sub-12-month category with BEVs accounting for 5.0% of sales.

Sweden

BEV prices continue to fall, but with sales increasing and MDS improving to 68.7 days, the market could be reaching the point at which prices start to stabilize.

Turkey

The MDS for BEVs was 73.7 days and remains the country’s slowest-selling fuel type. Turkey is one of the slowest nations to embrace BEVs.

UK

Demand is improving with younger used cars, where BEVs accounted for 10.5% of used car sales under two years old. The MDS of just 47.0 days was currently the lowest in Europe. Tesla’s Model Y was the fastest-selling used car.

 

 For a free copy of the latest INDICATA Market Watch report go to www.indicata.com