Are you a car retailer looking to diversify your stock?
Recent surveys have revealed some interesting information that may affect your decision-making when it’s time to fill your forecourt.
According to JudgeService’s Car Buyer Barometer, consumers will consider switching to a new car brand if prices are significantly lower than those of established marques. Figures have shown that three quarters of 1,000 consumers polled would be tempted by cheaper prices.
It’s big news for those retailers across the UK who purchase their stock from used car auctions – like Central Car Auctions. At a time when cost and value for money is a top priority for both consumers and retailers, now could be the perfect time for car retailers to diversify their offering and turn to new prestige brands.
Interestingly, the survey revealed that brand loyalty isn’t quite as strong as it used to be. Nearly half (48%) of mainstream brand owners said they would consider buying from a new entrant if prices were up to £3,000 cheaper, while a further 27% said they would switch if they were more than £3,000 lower. New entrants to the UK include the likes of BYD, Aiways, Fisker, Geely, GWM ORA and Xpeng.
This included the owners of prestige brands, who also showed a willingness to change. Over a third (34%) said they would switch if prices were at least £3,000 cheaper, while 41% would consider if savings were over £3,000.
With many new brands also offering generous standard equipment levels, a quarter of all respondents said they would switch if the specification was right for them, regardless of the cars being cheaper.
It suggests that car retailers and traders should have an open mind when it comes to filling their forecourt and consider purchasing more prestige used car stock to satisfy the needs of consumers. And while there is less awareness surrounding these brands, they will inevitably become more popular in the coming years – especially with the increasing presence of electric vehicles of the road.
At Central Car Auctions, we have thousands of vehicles available through our six live online auctions help every week – on Monday, Tuesday, Wednesday and Friday – across our facilities in Glasgow and Newcastle. We work closely with the UK’s leading dealer groups and all vehicles are NAMA graded, so every customer can buy with confidence, knowing they are getting great value, quality, and choice.
Customers can also enjoy a wide range of benefits, such as a UK-wide transportation service, a dedicated account manager and more.
Looking to fill your forecourt?
Get in touch, and our team will be happy to assist.