Cazoo exits digital car sales! New car & van regs hit record Feb highs. EV retail prices hit a post-COVID low
Motor Trade Radio Podcast
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Cazoo exits digital car sales and morphs into a marketplace! New car and van registrations hit record February highs. EV retail prices hit a post-COVID low. PLUS, all the week’s big motor retailing stories!
Motor Trade Radio: 9 March 2024, E14, S10
If you enjoyed this week’s Motor Trade Radio podcast, powered by MOTORS, and want to dig deeper into our featured headlines, then here are the links to all the stories.
?HEADLINES
AUTO RETAIL AGENDA
Cazoo to exit car retailing, de-list and become a marketplace
Cazoo will cease to be a used car retailer, de-list from the New York Stock Exchange and attempt to become a rival to Auto Trader, Carwow and Motors.?In a stock market statement today Cazoo said: “The Cazoo board has reviewed the strategic options for the company and believe that a pivot to a pure-play marketplace business model is the best direction for Cazoo and all its stakeholders.”
CAR DEALER
Big Motoring World’s Peter Waddell reveals rapid move to hoover up Cazoo stock after online used car dealer scrapped sales
Big Motoring World boss Peter Waddell has made an offer to buy Cazoo’s used stock after the online disruptor pulled out of second-hand car sales.
AM ONLINE
EVs still need vital boost as new car sales record best month for two decades
EV need vital boost as new car market records best monthly figures for two decades. Sales of new electric cars held their own during the traditionally slow month of February although the segment still needs a vital fiscal boost if the private buyer is to be convinced to make the switch.
MOTOR TRADER
Van sales hit 26-year high in February
领英推荐
UK demand for new LCVs grew by 2.2% in February to 17,934 units which marks 14 months of consecutive growth. The increase represents the best February performance since 1998, according to figures from the SMMT.
CAR DEALER
Average retail used EV prices fall by 15% to new post-Covid low – Motors?
The average price of used EVs advertised by dealers fell by 15% last month versus February 2023 to a new post-Covid low of ￡27,607.?That’s according to Motors, which said supply stayed flat but online searches went up.
Full MOTORS February Market View at: https://dealer.motors.co.uk/insights/
MOTOR FINANCE ONLINE
Vertu reports stable used car prices but sale of new vehicle still uncertain?
Vertu Motors?has reported a stabilisation in used vehicle prices following significant declines amid ongoing consumer uncertainty impacting new model demand.??The automotive retailer provided a trading update for the five-month period ending 31 January 2024.??
CAR DEALER
FCA now asks every Gap Insurance provider to pull product from market
The Financial Conduct Authority has today asked all Gap Insurance providers to pause sales of the product while it investigates further. The FCA said it had sent requests to the last remaining providers of the product to halt the sale of the insurance by the end of this month.
INTERVIEW: Chris Ashton Green
Philip and Curtis in conversation with Regit.Cars?founder Chris Ashton-Green shares his insight on OEM aftersales retention strategies and success stories. Full interview at: https://motortraderadiocom.libsyn.com/motor-trade-radio-4th-march-2024-special-with-chris-ashton-green-ceo-and-founder-of-regitcars-e13-s10
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