Remarketing sector will need to adapt to ‘grow and thrive’

The Vehicle Remarketing Association (VRA) says the used vehicle sector faces a “difficult” 2023.

That was the message to more than 150 delegates heard at the VRA’s Annual Seminar which took place on November 22.

Philip Nothard, chair at the industry body said that speakers at the event had detailed a picture of both economic and structural challenges.

“There is a whole list of issues facing the remarketing sector – from recession to stock shortages and agency agreements to electrification – and these will need to be met with intelligence, commitment and often investment,” he said.

“However, there was also a very clear message coming through that this remains a sector that, by adapting to changing rapidly customer needs and difficult market conditions, will very much grow and thrive.”

With the theme of “2023: The Year Ahead in Remarketing”, the event was free to attend for anyone working in the motor industry with an interest in the used vehicle sector.
Nothard said: “This is the first Annual Seminar that we’ve been able to hold in three years because of the pandemic and as such, there was a definite buzz in the room. It was very well-attended and the feedback we have received has been overwhelmingly excellent.

“To us, this event, with commentary relevant to all points of remarketing, illustrates the unique position that the VRA holds in the motor industry as the voice of the entire span of the used vehicle sector.

“We’d like to thank everyone involved – the speakers, attendees, hosts, sponsors and those behind the scenes – for helping to make this a success.”

Expert speakers included Graeme Chaplin, agent, West Midlands and Oxfordshire, at the Bank of England; David Bailey, professor of business economics at Birmingham Business School; Jim Saker, professor emeritus at Loughborough University; Euan McTurk, consultant battery electrochemist, Plug Life Consulting; and Matthew Waller, director of connected car, Fleetcor.

Presentations from the Seminar are available at the VRA website – www.thevra.co.uk.