For many we are already passing one year of living with a global pandemic. It has been a very tough year for many, and the used car market has seen many peaks and troughs of activity which we have followed via our INDICATA Market Watch insights report.
We have now published 14 reports which gives insights into 13 countries. All the reports are hosted online at www.indicata.com/corona so please feel free to download copies if you need a detailed overview of the pandemic-led market trends.
Italian used car market bounces back
Italy was one of the very first countries in Europe which was impacted but from February 2021 it had experienced nine consecutive months of used car market year-on-year growth. The new NEDC emissions tax scheme like the one in France is already restricting new car sales to the benefit of the used car sector. It shows that the used car industry is very resilient.
According to our Spanish subsidiary it will be the year of the used car as WLTP legislation is impacting on new car sales and already the market is looking to import used cars to satisfy demand. Read more about the Spanish market in our interview with country manager Robert Lohaus in this newsletter.
We are also seeing a change in what consumers want to buy and since the beginning of 2020 ex-fleet stock has replaced older cars in popularity. With more ex-fleet cars coming back into the market after contract extensions in 2020 and as more new cars get delivered then that spells good news for all markets. We will keep a close eye on these trends during 2021.
MarketPlace is balancing used car supply and demand
As always, our Marketplace online used car portal is helping European countries balance their shortage or surplus of cars while more asset owners are using INDICATA’s real time used car insights to make the most informed decisions about buying and selling their used cars. And our global team is constantly innovating with new products and services.
Vehicle equipment levels have always had an impact on the value of used cars, and through the recent launch of INDICATA’s equipment/options functionality this has been made much easier. Feedback from dealers has been very positive and this month we have added further functionality to INDICATA with the launch of its 0km/pre-registered cars.
Three types of used car identified
The INDICATA dashboard now identifies three types of used car category to help dealers accurately assess the value of their own stock and that of their local dealer rivals.
- 0km/pre-registered vehicles which have been registered by the dealer and sit on their forecourt but have never been driven
- Demonstrator stock which generally has a few hundred kilometres on the clock and are a few months old
- General dealer used car stock
As always please stay safe and we look forward to seeing more used car markets return to some form or normality during 2021.
Peter Grøftehauge (LinkedIn)
Click here to go back to the March news