- August 10, 2018
- Posted by: Celine Evans
- Category: Automotive Industry, News
A new survey for RAC Dealer Network revealed that an estimated 7 out of 10 used car retailers are feeling hopeful about their future prospects for the remainder of the year.
The survey, which took place in April 2018 to gather data for a comparison of the performance of the new and used car market, expresses the opinions of more than 100 independent car dealers who are members of the RAC Dealer Network.
RAC Dealer Network Survey Results
Around 38 per cent of those surveyed described their expectations of the remainder of 2018 as positive and 29 per cent as very positive. A further 26 per cent of the dealers who took part in the survey said that their expectations for business are neutral, while a mere 8 per cent of them felt negative or very negative about the months to come.
33 per cent of the dealers who completed the RAC Dealer Network survey admitted that business performance in 2018 had been better than anticipated, while an additional 9 per cent of those questioned said that business this year had been much better than they had expected it to be. Out of the remainder, 30 per cent agreed that their performance so far this year had met their expectations, while 19 per cent appear to have thought the first half of the year would have been more fruitful and a further 8 per cent thought that it had been much worse than they had imagined it would be.
Used Car Demand Remains Firm
According to sales director at the RAC Dealer Network, Sean Kent, the results from the survey revealed that, no matter what the state of the new car market, used car dealers are doing well. He said, “The respective performances of the new and used car markets are sometimes quite different, and this appears to be one of those times.
“While the new market is feeling the effect of the movement against diesel, higher prices, decreased manufacturer support for finance and more, there appears to be something of a boom underway for used vehicles. Used car values and demand remain firm, according to almost all of the industry experts.”
Kent spoke about how used car dealers are reaping the benefits of this, with most of them having a good start to 2018 and positively looking forward to the remaining part of the year.
Though, he noted that several dealers had sold fewer diesel vehicles than they had the previous year. “Our research indicates that 41 per cent are selling fewer diesels and only 10 per cent more, which shows that there is some contagion between the new and used sectors in this respect. But at the moment its impact seems to be limited.”
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