NEWS

Market days’ supply sees double-digit decline as demand for used cars increases

Sep 17, 2019   written by Dean Bowkett


Car buyers switching from buying new cars to used cars across Europe are pushing down market days’ supply (MDS) for online business to consumer (B2C) used cars of all types, according to the latest data from INDICATA.



MDS measures the amount of used stock available across retailers in a country and compares that to the volume of sales. Therefore, if demand increases but stock levels stay the same the MDS falls because traders will sell out of their stock over a shorter timeframe.
Since the start of 2019 MDS in Spain has fallen 25.6% as supply for used vehicles is failing to keep up with demand. Despite online B2C used stock levels rising by 41.9% between January to July 2019, it is still not enough to meet the increasing demand from used car buyers looking for a more cost-effective way to change their cars.


Stock levels static whilst used demand increases

The increase in used car sales is having a similar effect across the major European used car markets with the remaining four markets all seeing total stock levels remain relatively static whilst used car demand increased. The highest and lowest stock movements for the big five markets, excluding Spain, were in Italy where online B2C used car stock levels rose by just 4.2% from January to July this year whilst the UK saw levels drop by 0.7% over the same period.
MDS fell 19% in Germany for all fuel types with the decline much sharper for used diesels. This indicates that dealers could be destocking diesel and switching their focus to selling used petrol cars a bit faster than used car buyers are changing their buying habits.

Germany and France impacted by transition from diesel to petrol

Online B2C used diesel car MDS in Germany stood at just 62.78 days in July this year which is the lowest level in the market since INDICATA started tracking MDS in this way and well below the average 78.61 days seen for 2018. In contrast MDS for online B2C used petrol cars stood at 77.31 days in July 2019 compared to a similar 76.81 days 2018 average.
France has seen MDS fall by 17.7% between January and June this year with MDS dropping from 61.77 days in January for the whole market to just 50.84 days by July 2019. Drilling down further into INDICATA’s data shows the French used dealer market seems to be handling the move to petrol from diesel in a more controlled fashion than Germany. Used petrol car MDS in France has increased by 4.2% since January 2019 and 12.4% since July 2018. In July 2019 it stood at 54.78 days whilst used diesel car MDS has dropped 28.7% since January and 22.8% down over the previous year and now stands at 47.09 days – a gap of just over seven days between both fuel types compared to over 14 days’ worth of stock in Germany.

UK limited by scale of right-hand drive markets
With the UK being the largest right-hand drive market in Europe it doesn’t have the flexibility to import and export used cars as freely as most of mainland Europe. Germany has increased its used diesel exports which is resulting in much lower MDS for used diesel cars, but the UK is limited due its scale over other right-hand drive markets. This limitation means it is only able to export around three per cent of all online B2C used car sales to countries like Ireland and Malta. Despite this MDS for both used petrol and used diesel vehicles have been on a par with each other since the end of 2017, standing at 42.47 days for used diesel cars and 42.0 days for used petrol cars.
Much of the 24 months to 48-month-old used stock comes from fleet and retail finance defleets many of which are diesel. Only recently INDICATA confirmed that petrol powertrains are proving to be “the UK’s top selling used cars during 2019” which might indicate concerns of a possible major disparity in supply and demand.
The fact is that whilst used car market demand is changing and becoming more petrol focused, the change is happening at a slower rate compared to the new car market, lagging behind by two to three years at the moment according to INDICATA’s database.


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Used diesel car sales fall as supply from new car market drops

Sep 17, 2019   written by Dean Bowkett


How a vehicle performs in the used car market is a real determining factor in a new car sales success. If demand in the used marketplace dries up, then residual values collapse making the car unattractive in terms of financing and cost of ownership. This means it is the used car market which is the key driver for the new car market.
However, when legislators and the media distort the market, as it has done with the war on diesel, we can see the used car market being dictated by the new car market.

The war on diesel having an impact
New diesel car sales started to decline in 2011 when the introduction of Euro-5 emissions tests back in 2008 saw three-year-old used cars starting to suffer with clogging issues with the diesel particulate filter (DPF). The war on diesel and the announcement and introduction of various clean air zone (CAZ) charges and other tax changes in 2016 and 2017 have accelerated the rate of decline in new diesel car sales. The result is we are now seeing the supply of three-year-old used diesel cars coming back to the market reducing.
Used car buyers are generally more pragmatic when it comes to choosing their next car being less concerned about the latest trends and more focussed on finding a car to meet their daily needs. This has resulted in demand for used diesel cars remaining relatively strong with total online B2C used diesel car sales up three per cent for the first seven months of 2019 – hitting 3.74 million compared to 3.64 million for the same period last year.



Diesel outlook on downward trajectory
The outlook for used diesel cars is still following a downward trend though. According to INDICATA’s data, used diesel car sales lost their crown as the powertrain of choice in August 2018 and since then they have continued to lose market share to used petrol cars and, to a far lesser degree, to hybrids and electric vehicles.
Four of the five largest car markets saw a shift in market share from diesel to petrol of between 2.3% (Germany) and 3.4% (Spain) with the UK seeing a 2.5% switch and France a 2.8% movement between the two fuels. Italy continues to be the exception with 469,502 online B2C used diesel car sales recorded by INDICATA for the first seven months of 2019, a 4.7% increase over the same period in 2018 and increasing the diesel used car market share from 68% over that period last year to 68.3% this year. This is clearly why so many German used car dealers are seeing Italy as a good place to export their unwanted older diesel cars.

Petrol continues to be powertrain of choice
Online B2C used petrol cars continue to strengthen their place as the powertrain of choice across the other four markets though. Sales grew by 12.5% across the five largest markets combined, hitting 3.86 million units for the first seven months of this year, or up 13% excluding Italy. This situation is expected to continue for the next three to four years as the collapse of new diesel car sales continues to wash through to the used car market. This will leave used car buyers with little option but to buy used petrol or start to pay a premium for the limited supply of used diesel cars which will then be available by 2021-2022 and beyond.
Of course, this will cause a dilemma for politicians and lobbyists as this means we will see increased levels of CO2 being produced by the increasing volume of used petrol cars on the roads, which could cause more chaos for the automotive industry and car owners with yet more legislation.


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Supply and demand provide ‘stability’ to diesel market

Sep 17, 2019   written by Dean Bowkett


The limited supply of diesel cars coming into the market is good news for sellers of used diesel cars. Whilst demand for new and used diesel cars are in decline, the fall is far less noticeable in the used car market.
When used diesel car demand is combined with the reduction in supply the net result is the price of online B2C used diesel cars generally remains stable across all markets, according to INDICATA. But this high-level view needs to be considered carefully and explored to truly understand what is going on.


Diesel used values not collapsing
What is clear from a high level is that diesel used car values are not collapsing. Even in Germany, where a review of INDICATA’s MDS showed German dealers as having cleared out more stock than they may have needed to, used diesel car prices are rising, up 2.8% on average in Q2 2019 versus Q2 2018. In fact, online B2C used diesel car prices have risen two per cent over the first seven months of 2019 compared to a 3.5% fall in average used petrol car prices.
Average online B2C used diesel car prices are also up in France (+3.1%) for Q2 2019 compared to the same period last year. Whilst used diesel car values have remained almost flat in 2019 with just a 0.2% increase from January to July the situation for average online B2C used petrol car prices follows a similar but more severe pattern to what is happening in Germany, dropping 6.4% in seven months.


UK diesel prices fall whilst petrol jumps
The UK has seen average used diesel car prices fall by 1.1% in Q2 2019 to an average of £14,848 per car compared to £15,026 per car last year, whilst used petrol car prices have jumped up 3.6% in the same quarter hitting an average of £13,114 per unit in Q2 2019.
In general France and Spain both continue to show online B2C used car prices for petrol cars outperforming diesel whilst the other three markets show average online B2C used diesel cars doing better.

Spanish market provides greater insight in changing dynamics

Taking a deep dive into INDICATA’s data in Spain gives a little more insight into the changing market dynamics and why you should consider looking deeper to specific models before drawing too many conclusions.
Whilst both the B and C segments in Spain have shown healthy increases in the average used petrol prices for cars, the situation for J segment petrol SUVs is far less dramatic.

By July 2019 used B segment petrol cars were at 104% of the index point from a year earlier, whilst used C segment petrol cars fared even better, hitting 107%. But used petrol SUVs only saw a one per cent increase in their index value over the same period.
INDICATA’s used diesel car index values show an even more diverse pattern, with the J segment SUV’s index falling to 98%; B segment used diesel index falling to 99%; whilst the C segment used diesel index actually showed prices rising, albeit to just 101%.


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Michael Bernsen, remarketing manager of Alphabet the Netherlands says Autorola the Netherlands is a trusted partner for cross border used car sales.

Sep 17, 2019   written by Autorola

As one of the leading European leasing companies we expect high quality service from our providers and that is what we get from Autorola, Michael Bernsen, remarketing manager of Alphabet the Netherlands, says and continues; around 35% of our used cars are exported so online auctions are a key part of our remarketing strategy. The Autorola platform hosts our open online auction four times a week in real time which allows all interested buyers to bid on our cars. Images and condition reports on each vehicle are downloaded from our appraisal system so they are presented for sale to a high standard.

Export channels ensure best practices and prices
Net VAT and net luxury tax figures are generated by the Autorola platform to make life easier for export buyers to understand the actual price they are paying for a car. Opening up our used cars to export buyers ensures we get the best price for each one we sell.
Autorola helps reduce our risk as they work with registered buyer partners in each country and we receive payment for our cars very quickly. They manage all the administration around export which makes it a very efficient channel for our team.

Helping prepare for the future
If we need access to remarketing trends to share with my colleagues Autorola provides us with data very quickly. Autorola is a proactive business partner and is constantly looking to help vendors prepare for future remarketing challenges.

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Autorola provides peace of mind for European vendors exporting used cars says Frank Tanke, country manager of the Netherlands.

Sep 17, 2019   written by Autorola


Autorola’s online portal is at the heart of balancing the used car supply across Europe through export. The group helps vendors through the process of exporting used cars and with active buyers in 31 European countries has a long track record in managing all aspects of cross border challenges such as logistics, different currencies, unknown foreign taxes and VAT.

Helping buyers source diesel cars
Recently used diesel cars have had a tough time in some countries and the Autorola platform has played a major part in stock being purchased by buyers in countries where diesel demand is strong.
Fifty per cent of all used cars on the Dutch Autorola online platform are exported, with one third of all those going to Portugal. Portugese dealers are short of stock caused by a shortfall of new car sales in 2016 and a rise in demand for used cars fuelled by an economic recovery. Autorola the Netherlands exports cars to a total of 27 different countries.

Supporting decision making process
But before used cars are sold online, Autorola can help vendors in the decision-making process as well. Using real time European INDICATA data vendors can identify which markets are relevant and where prices are good. This proactive approach ensures vendors receive the best price for their used stock.
Autorola’s combination of using international network of buyers with having access to real time market data is what gives Autorola’s cross border remarketing proposition peace of mind for both vendors and buyers.



For further information contact Frank on M +31 (0)6 86815250 E ft@autorola.nl


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Introduction from Autorola CEO & Founder, Peter Grøftehauge

Jun 24, 2019   written by Autorola

Hello and welcome to our latest edition of the Autorola Group newsletter.

This newsletter follows soon after our annual country managers meeting which this year was held in the beautiful city of Istanbul, Turkey. The annual event serves as both a strategy workshop to align future business expectations and goals, and as a social gathering that unites the local countries with the Autorola Group spirit.


As in previous years, the event proved to be another great success and I would like to personally thank those who attended for sharing fascinating insights into their respective markets, as well as sharing best practice from across the globe.

This ‘togetherness’ is what makes Autorola Group the respected and successful business it is today – and for that I would like to extend my thanks to our entire global workforce.


Pertinent reminder

Hosting the meeting in Istanbul proved a pertinent reminder as to the challenges and opportunities impacting on the automotive sector. With the weakening of the Turkish lira against the dollar and euro; decreasing growth rates; rising unemployment rates; and high inflation figures the Turkish economy is facing challenge and with it comes implications for the automotive sector.


However, this ‘negative’ impact also providing opportunity within the used car market especially for Autorola Group and the many businesses we support. With our agile and innovative approach to business, combined with our inhouse expertise and advanced technology, we pro-actively aim to provide the necessary solutions to our business partners across the world – the integration of Fleet Monitor and INDICATA (details within this newsletter) being a prime example of that.


I very much hope you enjoy this edition of the Autorola Group newsletter and all the market intelligence, data insights and product information it brings.

Regards Peter


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Autorola Solutions digitises car dealer consolidation in Germany

Jun 17, 2019   written by Autorola


As dealer groups around Europe consolidate, so the challenges of integrating multi-franchise, multi-site operations continue to grow.

Autorola Germany sees the biggest challenge of consolidation is joining together computer systems, which are specified by the vehicle manufacturer as part of the dealer franchising agreement. A single dealer group may be running seven to eight different IT systems and partial solutions across several different franchises.

For many dealer groups, the benefits of buying a business and integrating into their own network is huge. However, immediate economies of scale can be limited as different IT infrastructures from OEMs do not integrate with one another. There can even be challenges in joining data with other dealers in the same network.

Dealers face challenges when buying a new business

“Merging balance sheets is usually a simple process but everything else is determined by the complexity of each system specified by the OEM. There is no Europe-wide acceptance of a single dealer management system (DMS), so a dealer group is faced with challenges once they have acquired a new business,” explained Andreas Kunkat, sales director, Autorola Solutions.

“Used cars is one major problem area. Thanks to online sales the market has grown rapidly, and prices are extremely volatile. A dealer group may have hundreds or even thousands of used cars in stock across its business but, generally, managing stocking days and the lead times to buy, as well as  preparation and sales is reactive.”

Autorola Solutions helps provide one point of reference for used car stock management

Andreas continued, “There is usually no one digital point of reference where a group used car manager can oversee the status of each vehicle and make proactive decisions. That is where Solutions, with our Fleet Monitor suite, is providing a valuable IT tool for dealer groups, manufacturers and leasing companies in Germany.”

Solutions’ asset management platform digitally and intelligently connects all the dealer’s group data, from purchasing and supply, to used cars and human resources. It is completely modular and can be configured and customised by the individual requirements within the existing IT-architecture.

“We integrate systems and software that are in place – or have to be there – and add what is missing such as interfaces, data transfers or automated order modules,” explained Andreas.

Autorola Solutions efficiencies drives greater profitability

Autorola Solutions enables dealers to proactively make decisions across a multi-franchise business enabling a business to benefit from the economies of scale associated with acquisition much sooner, whatever OEM franchises they own. When profitability, in typical dealer group operations, is just three to four per cent then these efficiencies are vital to give the shareholder a return on their investment.

Andreas said, “When we work with a client we are able quickly to transfer a dealer’s group vehicle assets into our Fleet Monitor asset management system, so they can see the status of every single vehicle from its new car production status to where it sits within the remarketing pipeline. We intelligently connect all business processes. Defined KPIs are easily controlled and analysed to reduce the overall lead-time per car.”

INDICATA market insights help reduce stocking days

“The recent integration of our INDICATA real time, used vehicle market insights platform with Fleet Monitor further supports the dealers’ ability to price used vehicles competitively within their local market, as well as ensure they only buy new stock they know is in high demand. The integration of INDICATA in Autorola Solutions enables automated pricing based on defined strategies per car type, segment, popularity etc. It significantly optimises used car profitability and reduces additional stock days based on pricing away from market,” added Andreas.

Autorola Solutions is already proving a major benefit to Santander Consumer Bank Germany across its group repossessions. Major dealership groups in Germany are about to implement Fleet Monitor to reduce their overall lead-time. OEMs and leasing companies are now talking to Autorola as they are beginning to understand what benefits the innovative and integrative solution could contribute to their overall strategy of digitalisation.

Digitising workflow processes helps achieve the optimum cost structure

“Autorola Solutions has no direct competitors. No system has the power and flexibility to manage automotive business’ overall process within an existing IT-Infrastructure by integrating the existing systems and customising the monitor based on the customer´s individual requirements,” said Andreas.

He continued, “Most of the other workflow solutions require an adaption to the provider´s process and logics, and often just focus on one or a few parts from the overall process. Dealer groups, leasing companies and OEMs are calling us to help them to implement their overall digitalisation strategy. They know that only by integrating and digitalising the complete process the pledge of exponential growth – or working at the required speed with the optimum cost structure – can be achieved.”


For further information contact Andreas Kunkat  I   Sales Director Germany   I    AUTOROLA Solutions  phone: +49 (0)40/180 370 25      mobile: +49 (0)151 – 40 2660 -18   e-Mail:  akt@autorola.de


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Autorola Solutions introduces online used car trade in concept to support dealers

Jun 17, 2019   written by Autorola

Autorola Solutions introduces online used car trade in concept to support dealers

Autorola Solutions is supporting dealers ‘full service’ ambitions with the introduction of its trade-in concept that enables them to provide fast and convenient disposal service for its customers.

The new trade-in concept provides dealers a ‘full service’ platform to help their customers dispose of and buy a new vehicle by providing an accurate, fair and guaranteed purchase price for any vehicle within 30 minutes of notification.

Combining business units into one structured process

The concept combines Autorola Group’s three business units – Solutions, INDICATA and Marketplace – into one structured process to benefit the most from the synergies of the Autorola product suite. For the dealer, the trade in concept provides obvious benefits as it streamlines the full workflow in dealing with trade-in vehicles and unifies the separate steps in the process in one system. It provides both the tools for inspecting the vehicle and gaining an accurate market value, and then glues the full process together from notification through to actual trade-in when the vehicle is on stock in one seamless experience.

For the customer this means easy and hassle-free disposal of their vehicle with instant purchase power to invest in a new vehicle.

INDICATA at the heart of used vehicle valuation

INDICATA is at the heart of the used vehicle valuation as it provides a true, live market value for dealers to base initial part exchange buying decisions on. Dealers decide the margin required whilst, at the same time, scouting competitors’ market prices as a benchmark. This all contributes towards creating the most effective insight on every individual used vehicle and supports dealers’ decision-making process in a reliable and swift way.

The fast and convenient online trade-in platform helps minimise lead times, increasing customer satisfaction within a ‘lean’ process framework. It also helps to eliminate in-house process operations and subsequent time delays.

Secure end-to-end process with direct access to VIN look up

The system provides a secure end-to-end process with direct access to VIN look up, offering full vehicle details and descriptions for speedy decision making and turnaround. The platform also enables managed and shared dealer access to any vehicle already valued within the system to help prevent any crossover between associated dealers, with users able to monitor individual and group dealer performance.

Secure access to the system also offers users the ability to track specific used vehicles, allowing adjustments and improvements across all steps within the process to optimise conversion rates. It also means key performance indicators can be managed from the very outset of any vehicle remarketing process.

The trade-in tool is quick and easy to activate, allowing users to set-up according to their own preferences and working practices. The system can be customised with any combination of modules and integrations, allowing users to do business their own way.


For further information contact  Ib Kimose, Global Director, Autorola Solution, Mobile:  +45 61629916, E-mail:   iki@autorola.com


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Fleet Monitor and INDICATA integrate to cover full life cycle

Jun 24, 2019   written by Autorola

Autorola Solutions has added another powerful tool to its product suite with the integration of Fleet Monitor and INDICATA.

The introduction of INDICATA integrated into Fleet Monitor is the newest addition to Autorola’s range of enterprise solutions, where business units and product modules join forces to provide premium business propositions. The combination adds value to the whole organisation (cross department) and has an impact on the full customer and contract life cycle.

By using the Fleet Monitor/INDICATA, fleet owners add a dynamic monitoring tool to the instruments of portfolio management. This can be leveraged across departments inclduing sales, risk and remarketing. As everything is monitored and tracked constantly, it is also provides a sound basis for compliance purposes.

Constantly screened for business opportunities

By setting off the current market value against the outstanding book value, the portfolio is constantly screened for business opportunities. Customers with ‘equity’ (meaning outstanding lease amount is less than the market value) in their car are more open for new business opportunities and for the same amount or even lower, they can drive the latest version of a car or even have an upgrade to align with changing personal life situation. The integration provides a real-time sales opportunity for this level of portfolio management.

Detecting risk at an early stage

Fleet owners should always question their portfolio. Constant screening of a portfolio can not only detect risk (or risk tendencies) in an early stage but it can also give you an insight in cluster risk (ie percentage of petrol Vs diesel, gearboxes variants etc).  

Outstanding book values higher than a threshold percentage below market value need special attention.   With this basic rule, even very large portfolios can be managed easily as the focus is only put on the contract which needs special attention. As the integrated system only focuses on the files ‘at risk’, this significantly reduces the future (additional) depreciations and losses on the cars.

First indication of end of contract

In ’normal’ portfolio management the end of contract process starts at 180 days before the contract expiring. The combination of Fleet Monitor/INDICATA gives the fleet owner a first indication about the end of contract value/trend of the car. Based on this info, the fleet owner can suggest to the customer to either extend or shorten the contract.

If the contract is inline with market expectations, the next step for the fleet owner is to start the real remarketing process. Based on the data Autorola collects daily across Europe, it can advise every fleet owner where to sell the end-of-contract-cars.

Due to the GEO-pricing tool, built within Fleet Monitor, the fleet owner has a perfect overview in which European country the car is highly desired and gets the best price. Autorola also has the ability to arrange this.

 

Overall, the combination of Fleet Monitor and INDICATA adds another dimension to sales, risk management and remarketing, helping to maximise portfolio value in every sense of the word. 


For more information, please contact Jurgen Claus, International Business Development Manager, Phone: 0032 (0)3/887 19 00, Mobile: 0032 (0)473 96 41 09, Email:  jcl@autorola.be


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Germany and France trading used diesel as market days supply drops sharply

Jun 24, 2019   written by Dean Bowkett

Market days supply (MDS) for online B2C used cars fell in Germany (-7.9%), France (-0.5%) and Italy (-2.3%) for the first two months of Q2 2019 compared to the whole of Q2 2018 according to the latest data from INDICATA.

However, a fall of 11.1% in used car sales in Spain for the first five months of the year saw average used car prices start to fall and MDS increase by seven per cent to 87.4 days for the first two months of Q2 2019 year-on-year.

Used car sales volumes increased by 10.6% in the UK for the year-to-May 2019, compared to the first five months of last year. Used diesel car prices remained almost flat, with a marginal decrease of 0.6%, whilst used petrol car prices rose 3.7%. This resulted in MDS continuing to be relatively stable at 46.2 days for April and May 2019 versus an average of 47.6 days for the whole of 2018.



War on diesel continues to have a significant influence

Drilling down into the data, the war on diesel continues to have a significant influence resulting in dealers trading out of their used diesel stock rather than retailing them to consumers. In some cases, they are even resorting to increasing the levels of export to clear out stock, particularly in Germany and France.

German dealers are currently struggling with stocks of pre-Euro 6 diesel cars which are facing increasing numbers of bans or charges for driving into some of Germany’s major cities and a €2,000-€3,000 cost to convert them to Euro 6 emissions standard.

This issue is starting to appear elsewhere in Europe as dealers are finding it increasingly difficult to sell their older vehicles resulting in ageing stock levels. The aim seems increasingly to avoid being left with unwanted diesel cars, inline with media reports of growing demand for petrol and alternatively powered vehicles. This issue has already seen an increasing number of small independent dealers falling into bankruptcy according to the ‘German Federation for Motor Trades and Repairs’ (Zentralverband Deutsches Kraftfahrzeuggewerbe, ZDK).

Total used diesel car sales show gradual move away from diesel

Total used diesel car sales across the big five European markets captured 49.2% of the online B2C used car market sales for the first five months of 2019 compared to 51.5% for the same period in 2018. This shows there is a move away from diesel but not to the same degree being seen with new car buyers.

However, marketshare only shows part of the story and looking at total sales, both petrol and diesel car sales increased in total year-on-year for the big five countries. Online B2C used petrol car sales rose 10.7%, whilst used diesel car sales saw a one per cent increase according to INDICATA. This proves that whilst the market dynamics are changing there remains a healthy demand for used diesel cars.

Average used car prices rising

This demand for used cars has meant most countries have seen average used car prices rising by as much as 3.5% on average in France or, at the other end of the scale, staying flat with just a 0.1% movement in Spain which is facing other market challenges.

Germany and France both saw average online B2C used diesel car prices rise by 2.7% and 3.4% respectively for the first two months of Q2 2019 versus the whole of Q2 2018.

With used diesel car sales still rising in volume terms and prices still on average increasing, the widening of the gap in MDS in Germany with diesel stock now down to 65.28 days in May 2019 compared to a 2018 average of 78.7 days and a 2018 average for petrol of 76.9 days and a May 2019 average of 77.2 days could be a sign that some dealers have been trading or exporting their diesel stock at a faster rate than needed based on sales volumes, demand and market prices.

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