Start your 2017 off right by getting a glimpse of the year ahead for the motor trade industry.
Various motor trade experts and industry research have identified several key trends that will affect your business both positively and negatively in 2017.
To prepare your business, review this forecast of the 2017 trends predicted to impact the motor trade industry:
- Strong used car market. A majority of dealerships (80 per cent) believe that the used car market will remain steady in 2017, while 43 per cent believe that there could be as much as a 10 per cent increase in the volume of used car sales.
- Weakened new car market. The Society of Motor Manufacturers and Traders predicts that new car registrations will decline over the course of the next two years, with growth expected to decline by 5 per cent in 2017 and by 1.3 per cent in 2018.
- Uncertainty about the nation’s economic future. According to a recent industry survey, 63 per cent of dealerships are optimistic about their business prospects in 2017, but 43 per cent expect that a UK recession poses the greatest threat to their business.
- Greater emphasis on establishing a robust digital presence. According to a separate industry survey, 49 per cent of car buyers expect a response to an online enquiry from a dealer within an hour, and one-third of those buyers would take their enquiry to a different dealership if they had not received a response within four hours.
Although no one can predict the future, you can worry about one less thing by making sure you have the right motor trade insurance policy in place for your business.