‘Difficult’ 2023 on cards for used vehicle sector, VRA seminar finds
A “difficult” 2023 lies ahead for the used vehicle sector but strong profits will still be possible, according to the Vehicle Remarketing Association’s (VRA) annual seminar.
VRA chair Philip Nothard said there was a whole list of issues facing the remarketing sector
Held on 22 November 2022 at Warwick University’s The Slate venue, it was the first VRA annual seminar since the pandemic and explored ‘2023: The Year Ahead in Remarketing’.
Speakers detailed a picture of both economic and structural challenges.
Philip Nothard, chair at the industry body, outlined: “There is a whole list of issues facing the remarketing sector – from recession to stock shortages and agency agreements to electrification – and these will need to be met with intelligence, commitment and often investment.
“However, there was also a very clear message coming through that this remains a sector that, by adapting to changing rapidly customer needs and difficult market conditions, will very much grow and thrive.”
The event was free to attend for anyone working in the motor industry with an interest in the used vehicle sector. Speakers included Graeme Chaplin, agent, West Midlands and Oxfordshire, at the Bank of England; David Bailey, professor of business economics at Birmingham Business School; Jim Saker, professor emeritus at Loughborough University; Euan McTurk, consultant battery electrochemist, Plug Life Consulting; and Matthew Waller, director of connected car, Fleetcor. The headline sponsor was MG Motor.
Nothard continued: “This is the first annual seminar that we’ve been able to hold in three years because of the pandemic and as such, there was a definite buzz in the room. It was very well-attended and the feedback we have received has been overwhelmingly excellent.
“To us, this event, with commentary relevant to all points of remarketing, illustrates the unique position that the VRA holds in the motor industry as the voice of the entire span of the used vehicle sector.”
Presentations from the Seminar are available at the VRA website.
Natalie Middleton
Natalie has worked as a fleet journalist for over 20 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day.
