In a statement the association also announced that, since its launch five months ago, a group has been set up to guide the industry through the challenging topic of vehicle provenance and that it has also played a leading role in supporting the delivery of the remarketing section of the recent SMMT International Summit.

The VRA also reports growing take-up amongst the industry, with the news that Enterprise Rent A Car has become its 35th member, joining new recent new members including Peugeot, Bluecycle, Scottish Motor Auction Group and Vauxhall. This brings the total number of vehicles handled by VRA members to in excess of 1.5 million each year.

John Davies, chairman of the VRA, said: 'We have received interest from all parts of the remarketing industry and are starting to make excellent progress in a number of key areas. This association is all about a broad group of members, with common interests in remarketing, all working together to improve standards and attract new talent to this very important area of the automotive industry.'