Remarketing business leaders react to latest UK economic figures
More than 150 companies from car makers and auctions, to data providers and car leasing companies attending the inaugural Vehicle Remarketing Association (VRA) conference in Oxfordshire yesterday (25 January) were asked the question: Following today’s surprise news of a fall in GDP of 0.5% in Q4 2010, has your opinion of the likelihood of a double-dip recession changed?
A total of 42% of the audience said they now believe that a double dip recession is more likely. Meanwhile 35% felt their opinion had not changed. Less than a quarter (23%) felt that a double dip recession is unlikely.
John Davies, chairman of the VRA said: 'The news arrived midway through the morning of our conference so we were in a good position to gauge a reaction from a cross section of business leaders.
'According to our survey, nearly half (42%) had changed their opinion and felt that a double dip recession was more likely, while just over a third (35%) said their opinion had not changed. This news has obviously given everybody food for thought.'
Keynote speaker and chief executive of the Society of Motor Manufacturers and Traders (SMMT) Paul Everitt said: 'The news is disappointing and confirms the challenges we face in 2011. However on a plus point UK manufacturing was 1.4% up, with the automotive sector leading the way in Q4 2010,' he added.
The VRA is a trade body which represents companies involved in all aspects of remarketing and used cars which between them handle, sell, inspect, transport or manage nearly 2.0 million used vehicles per annum.