Dealers taking stock of 2019 point to positive year ahead
Dealers are looking ahead to a positive 2019 with around two-thirds planning to invest in their business during the next 12 months
When asked ‘What best sums up your ambition for your used car business in 2019?’, 65% of dealers surveyed said they wanted to grow their business throughout the year.
When posed the question ‘What will you be investing in to support your business in 2019?’, 52% said they would be investing in additional used car stock.
In regards to stock funding, nine out of ten dealers expressed that they are likely to use more than one source of funding, with wholesale finance and their own capital dominating the options chosen.
Liam Quegan, NextGear Capital Managing Director comments: "The survey results show dealers share a very positive outlook for the year ahead, with investment and growth a clear ambition for many.
"After what was a challenging year for many dealers, and with Brexit now just around the corner, it’s exciting to see they’re not holding back but are actively charging at the year ahead with determined vigour.
"Despite the uncertainty of what will happen after 29th March, the potential for growth this year is nevertheless there for the taking. The used vehicle market is growing, consumer finance products are making it possible for more people to afford better and newer cars, online trading is breaking down traditional barriers and the wholesale market is offering a greater choice of stock than ever before. Navigating this requires a sharp business brain, entrepreneurial flair and reliable partners.
"So as dealers look to invest in their businesses and increase their stock portfolios, it’s also heartening to see them taking a more diverse approach to their funding options. In utilising a range of options, they are placing themselves in the strongest position to make choices best suited to their business and those demonstrating the most flexibility are set to reap the biggest rewards."
