With the economy taking a poor turn, inflation on a massive hike used and new car sales have slowly slumped since the pandemic levels driving used car prices especially through the roof.
Recently the well known used car retailer Motorpoint share price crashed given a 50% profit downgrade and the outlook of the future looking very bleak for the car sales market not only on used motors but also new motors with supply chains also hit with issues, not to mention material costs going up given recent inflation. Given the rate used car prices increased during the last few years during covid-19 it does not come as a shock.
Many people are looking to also turn to electric cars since the recent fuel shortages rather than the traditional combustion engine powered cars despite this being yet another false economy.
Car transport effected?
We have noticed overall the market has dropped significantly for vehicle transport Companies with auction collections also slowing down, it seems we have a troubled few years to come in the industry. Surviving the next few years is absolute paramount for many, we have recently heard Liz Truss has also gone back on the due tax cuts especially on the corporation tax which will only increase the pressure Companies are already under.
With the Dollar vs the pound also hitting high levels we have further seen fuel increase once again slightly with no reduction looking likely.
During this time it is always ideal to look into various other ways to help generate more revenue such as breakdown / recovery, this is another section of our marketplace we are looking to build and grow.