Autorola Group shares lockdown used car insights with Fleet Europe audience
The Market Watch used car insights report was launched by INDICATA in February 2020 to give remarketing professionals an idea of how the Covid-19 virus was impacting the market in 13 countries. The insights have given companies valuable insight which has helped companies develop strategic decisions about their used car and remarketing programs.
INDICATA’s global director Andy Shields was asked to present some of the report’s findings at the magazine’s first ever virtual summit.
Despite Covid-19 Europe’s used car industry has been resilient
The Market Watch report powered by INDICATA data was able to show how the severity of lockdown dramatically impacted 13 used car markets in Europe. Each country’s used car sales, supply, prices and dealer stocking levels were all impacted at various levels, but ultimately as we move into the end of 2020 the market has been very resilient.
At its lowest point average sales in April were 52.75% down year-on-year from the same month in 2019. However, sales were only down for March, April and May, while the remaining seven months to the end of October sales actually rose with September the peak month rising by 17.33%.
Market performance varies country by country
Andy also shared slides on how the depth and speed of market recovery was based on how severe the lockdown was by country using The Netherlands, the UK and Poland as country examples.
The Netherlands which suffered more of a relaxed lockdown with dealers still trading saw the largest sales fall of 15.7% in March and from there on the market has grown year-on-year to a July high which saw a 21.6% growth in the month.
The UK saw the largest market fall in April of 89.7% as dealers closed while the market came back quite quickly during June and July post lockdown. The Polish recovery meanwhile was remarkable in that it fell during March, reached rock bottom (down 71%) in April and then in May moved 79 percentage points to sales being 2.1% up year-on-year. Performance has stayed in line pretty much the same as 2019 ever since.
What the future brings
• But as 2021 looms demand remains outside of new lockdowns while stock is becoming more available
• Prices are firm on traditional powertrains, but EV prices are less stable despite volume growth
• BEVs remain in very free supply but how will prices shape up in the future?
• Prices are weakening in some markets as supply catches up with demand, but what will the impact on prices be?
To receive your free monthly Market Watch used car report go to www.indicata.com/corona.
Click here to get back to all News