VRA warns of ‘difficult year ahead’ for used car sector

The Vehicle Remarketing Association (VRA) has warned its members of a difficult year ahead.

More than 150 delegates attending the VRA’s annual seminar were told they faced a raft of challenges, including recession, stock shortages, agency agreements and electrification

Philip Nothard, chair at the industry body said the sector could thrive by being flexible.

“There was 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.”

With the theme of “2023: The Year Ahead in Remarketing” and held at Warwick University’s The Slate venue, the event was free to attend for anyone working in the motor industry with an interest in the used vehicle sector.

“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.

“We’d like to thank everyone involved – the speakers, attendees, hosts, sponsors and those behind the scenes – for helping to make this a success.”

Graeme Chaplin, Bank of England; David Bailey, Birmingham Business School; Jim Saker, Loughborough University; Euan McTurk, Plug Life Consulting; and Matthew Waller Fleetcor.

The Vehicle Remarketing Association was established in 2010 by senior executives from companies involved in all aspects of remarketing used cars which between them handle, sell, inspect, transport or manage more than 1.5 million.