Coronavirus: Remarketing impact assessed at 2020 VRA AGM

The impact of Covid-19 on the used vehicle market will be discussed at the Vehicle Remarketing Association (VRA) AGM on July 1.

The meeting, which will be held online, will host three different speakers looking at four different scenarios – an easing of lockdown with coronavirus under control; a national second wave; localised outbreaks; and a successful inoculation programme.

The speakers are: Lee Swinerd, managing director - advisory at KPMG, who will look at the general economic implications; Mike Jones, chair of ASE Global, who will assess the automotive sector; and Dr Justin Varney, director at Birmingham City Council, who will cover the public health angle.

VRA chair Sam Watkins said: “Coronavirus is very likely to continue to affect remarketing in many different kinds of ways and this webinar session, which follows our main AGM business, is designed to help industry professionals understand some of the issues that they could well find themselves facing over the next year and further into the future.”

Experts have predicted some cause for optimism in the future performance of used car prices, with residual values expected to avoid the double-digit decline seen during the banking crisis.

Watkins continued: “Throughout the coronavirus crisis so far, we have been holding regular online sessions for our members to help them cope with issues on a day-to-day basis.

“Now that there is a perhaps a moment of breathing space, this seems like a good time to examine how what now seems to be called ‘the new normal’ will develop over time.”

The VRA was established in 2010 by senior executives from companies involved in all aspects of remarketing used cars which between them handle, sell, inspect, transport or manage more than 1.5 million used vehicles every year.

Watkins concluded: “The VRA has had a strong last 12 months including an increase in membership, our most successful ever annual seminar, and a range of new initiatives. We’ll be using the AGM to report to members about the progress we have been making.”