BCA report addresses changing needs of used car industry

BCA have issued a report by Professor Peter Cooke, Emeritus Professor in Automotive Management, University of Buckingham, which addresses the range of issues affecting the country’s new and used car sectors and examines how consumers might change their views on what cars to own and how they buy them.

The 40 page The Closer View: A National and Regional Market Review report examines macroeconomics and regional variations, new car sales and used car supply, regional influences on the car buying decision and future prospects and needs of used car buyers.  The report suggests that for motor retailers, an awareness of local car buyers’ expectations and preferences can help them develop their used car business more effectively.

Professor Cooke said: “Motorists across the country have a range of different preferences when deciding how to go about their search for a used car and choosing what type of vehicle to consider buying – while price, model and brand remain critical in coming to a final decision on what to buy and where to buy from.  This report shows that used car buyers often have quite different expectations across the regions, which creates marketing and promotional implications for used car retailers on what they offer in their local markets and at what price.”

Cook added: “Economic recovery is affecting different parts of the country at different rates, and in different ways, in terms of inflation, earnings and unemployment. While, for example, escalating house prices may be creating a feeling of increasing wealth in London, they are probably having little impact in most other regions.  There is no panacea for the changing marketplace, the critical point is to be aware of those local and regional developments and to be able to respond to them effectively.”

BCA managing director Spencer Lock said:“Recovery from economic recession means the UK’s car markets are evolving, as motorists change the way they choose, source and pay for vehicles, whether new or used.  There are also subtle changes in the marketplace itself and, as important, a broad range of regional issues that will have a bearing on the automotive markets as the economy improves. 

"This latest report from BCA by Professor Peter Cooke provides valuable insight for any business operating in the used vehicle sector as well as practical guidance on some of the key issues affecting both local and national markets.”