Remarketing sector “facing many headwinds”

The remarketing sector will face “many headwinds” next year but opportunities remain, the Vehicle Remarketing Association’s (VRA’s) annual seminar heard on Tuesday (November 21).

The event, which took place at The Slate, Warwick University, was attended by almost 200 delegates and looked at the year ahead in remarketing.

Philip Nothard, chair at the VRA, said: “Speakers at the event underlined that the next 12 months will be difficult for remarketing, no doubt. The sector is facing many headwinds but there are also definite patches of blue sky.

“On the downside, Graeme Chaplin from the Bank of England explained that economic growth would be slow, Matt Freeman at Cap HPI forecast about EV volumes that the used sector may simply not yet be ready for, and Adrian Pepper of Pepper Media pointed out that the 2024 general election may bring negative campaigning built around transport issues.”

However, there are also upsides, according to Nothard. He explained: “Stuart Chamberlain of Arval showed how educating dealers and consumers can help to drive EV demand, Adam Dack from the Department of Transport detailed new EV battery standards that should build car buyer confidence, and John O’Hanlon of Waylands Group looked at not just issues but opportunities available to dealers.

“Especially when it comes to technology, things look promising, with Martin Bekkers of Autochat and Brian Steinheiser of Pave explaining how AI can help drive new efficiencies in areas like dealer customer contact and appraisal, and Galo Paez Fajardo from Warwick University looking at the latest developments in EV batteries.”