The remarketing sector will face “many headwinds” next year but a wide range of opportunities remain, the Vehicle Remarketing Association’s (VRA’s) annual seminar heard yesterday.
The event, which took place at The Slate, Warwick University, was attended by almost 200 delegates and looked at the subject of “2024: 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. 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.”
Philip added that the event served as an important recruitment tool for the VRA.
“The seminar underlines the pre-eminent position of the VRA within the remarketing sector. It is an event of remarkable scope and weight that illustrates seriousness. Our membership is growing and I would like to urge anyone who attended and has not yet joined the VRA to give the matter serious consideration.
“Our regular meetings give members the opportunity to discuss all of these and much more, sharing useful information and best practice, and together developing new thinking that often leads the sector. The seminar is very much a taste of that collegiate approach, and has given delegates much to think about that can be applied within their own businesses.”
The event was made possible by overall sponsor Autochat; session sponsors Cox Automotive and Startline Motor Finance; and associate sponsors Approved Valeting, DMN Logistics, One auto api and Geldards; while there were also stands featuring MAG Motor Auction Group and epyx.
Philip said ”We rely on the generosity of our sponsors to fund the seminar and we’d like to wholeheartedly thank everyone who contributed.”