Automotive businesses urged to understand global market changes to navigate potential storms

Cox Automotive believes trends within the global automotive market may hold the key to navigating the turbulence that awaits the industry in the coming months. The company’s market tracker for August 2022 shows continued market stabilisation in the new market, despite supply imbalances causing higher than normal age and mileage increases at a wholesale level.

Automotive businesses urged to understand global market changes to navigate potential storms

Sep 22, 2022

Cox Automotive believes trends within the global automotive market may hold the key to navigating the turbulence that awaits the industry in the coming months. The company’s market tracker for August 2022 shows continued market stabilisation in the new market, despite supply imbalances causing higher than normal age and mileage increases at a wholesale level.

Demand for used EVs gathers pace

Sales of used EVs gathered pace again in August despite a softening of the overall UK market according to INDICATA’s latest insights report. Sales were up 53.3% year-on-year from July but a shortage of the right type of stock continues to prevent sales growing even further.

Demand for used EVs gathers pace

Sep 20, 2022

Sales of used EVs gathered pace again in August despite a softening of the overall UK market according to INDICATA’s latest insights report. Sales were up 53.3% year-on-year from July but a shortage of the right type of stock continues to prevent sales growing even further.

Cazoo withdraws from mainland Europe

On September 8, online car retailer Cazoo Group Ltd announced, following a review of a range of strategic options, that it proposes to wind down operations in mainland Europe to focus on its core UK market, a market with approximately 8 million used car transactions and a value of over £100 billion annually. Growth in the UK remains strong, with retail unit sales up over 100% year-on-year in July and August, despite the challenging macro-economic backdrop.

Cazoo withdraws from mainland Europe

Sep 09, 2022

On September 8, online car retailer Cazoo Group Ltd announced, following a review of a range of strategic options, that it proposes to wind down operations in mainland Europe to focus on its core UK market, a market with approximately 8 million used car transactions and a value of over £100 billion annually. Growth in the UK remains strong, with retail unit sales up over 100% year-on-year in July and August, despite the challenging macro-economic backdrop.

EMEA

Wholesale used car market is being starved of repossessions reports Shoreham Vehicle Auctions

Sep 06, 2022

The wholesale used car industry is being starved of repossessions as drivers turn their cars into cash rather than hand them back to finance companies. Drivers who are behind with their monthly payments have been avoiding vehicles being repossessed by turning to a growing number of car buying service companies that will buy their used car online and settle all unpaid finances.

Americas

Stellantis to set up US auto finance captive with First Investors acquisition

Sep 03, 2021

Dutch-owned Stellantis is to pay approximately $285 million to acquire Houston-based First Investors Financial Services Group as the first step in creating a US-based finance arm. The company, formed at the beginning of the year from the merger of FCA and PSA, is the only major OEM currently operating in the US without a captive auto finance company.

Asia Pacific

Toyota Finance New Zealand partners with Ephesoft on digital transformation initiative

Jan 28, 2020

Toyota Financial Services New Zealand (TFNZ) has partnered with Ephesoft to drive its automotive loan application and settlement processing. TFNZ will use Ephesoft’s Transact software within its loan operations team to automate the classification and processing of key forms and documents. The Transact platform uses artificial intelligence, machine learning and cloud-based services to automate document processing and will integrate with the finance company’s existing loan origination system.