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March automotive round-up
When dealers start to whinge it’s a sign that we’re back to a traditional market. March was like a curate’s egg: good in parts, and bad in others.
The used market continues to be strong, and dealers are making decent margins. New cars have become very expensive in the last four years, and manufacturers have yet to provide the support needed to make them move. This is causing grit in the system – especially with some brands – and it will be interesting to see how the SMMT market shares pan out for March.
I would anticipate this quarter will be one where the manufacturers start to become more realistic with their ‘offers’, and we’ll see some proper discounting from headline prices to start moving new stock. This will be primarily with finance offers providing very attractive monthly payments.
Historically when this happens, the used market does less well. However, with the shortage of cars caused by Covid-19, the lack of supply will continue to provide some support to the overall used market.
The key will be making sure that retailers exposure to the used market is not in late plate models.
Every six months we produce a trends report that looks at the state of the automotive market. Our Spring report will be launched on 18 April, and I’m hosting a webinar to talk through the data and help you understand how to leverage this insight to improve enquiries and sales. Register your place for the webinar now.
Have a great April.
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