Published: 2015-12-22   Views: 1460
Author: ikkie01
Published in: Automotive
Exploring The Future Of Used Car Market In The UK

 

When it comes to evaluating the significance of used car market in the UK, it can be said without any doubt that this is one of the largest markets operating in Europe. With the passage of time, there have been different kinds of changes incurred in the market and as a result both buyers and sellers are using online mediums these days. Therefore, the current scenario of used car markets is becoming more price sensitive and this scenario needs to be considered by the competitors in a detailed manner.

This aspect should be taken into consideration that in this cutthroat competition there are many organizations that are using this slogan we buy any car quite successfully. This slogan is being propagated in order to attract more customers and potential buyers of used cars in the desired manner. Consequently, there are different tactics and measures needs to be taken by these competitors so that they could successfully follow the slogan we buy any car in reality.

Therefore, from value chain point of view organizations are needed to understand the recent scenario of used car market. In this manner, they will be able to forecast or predict the future outlook of the market in the right direction. In this concern, these considerations should be assumed by the organizations and these are discussed as follows:

Current Overview of Used Car Market

According to the recent estimates, there were 7 million cars sold in the UK and therefore it is assumed as the largest market prevailing in the UK. Before further going into the details of market, first of all there is need of understanding the market dynamics and structure. Therefore, market could be explained as the process in which there are three business models play their crucial roles. These business models are known as transaction parties, the transaction facilitators and information providers as well.

Three Business Models

    Transaction Parties

As far as the importance of transaction parties is concerned, in this model there are different kinds of dealers involved in this phenomenon. These dealers could be considered in the form of franchised and independent dealers. At the same time there is another attribute, which must be observed in a careful manner and that is the online buying platforms. All these aspects are significant because these are helpful in supporting the financial risk that is initiated in order to buy and sell the cars.

Transaction Facilitators

In this kind of model, normally three types of players perform their parts and these are online sales platforms, online matchmakers and auction houses as well. These all factors actually help the process in which sales transactions should be completed in the best possible manner.

Information Providers

During this model, this is made sure that pricing scenarios and other important specifications and conditions of specific cars are discussed and examined in an appropriate way.

Supply restriction or limitation is becoming visible

In spite of the perception and viewpoint that does not support the trend of increasing demand in used cars in the UK, the recent situation is favoring the need and demand of used cars to a considerable level. This is quite true because of the reason that ratio of used car buying and selling as compared to new car buying is increasing with the passage of time. This is an important aspect to consider that more information and data is now easily be accessed by means of using different mediums. Therefore, the recent changes that are taking place in the domain of used car buying and selling will have a huge role to play in the development of future used car market in the UK.  

At the same time, different kinds of individual buyers and sellers as well as the competitors will be influenced greatly by this situation as well. There is the likelihood that more opportunities and different trends will be emerged in used car market because of this scenario in the future. As a result, new challenges will also hinder and create obstacles in the way of used car buying and selling phenomenon.

Condition of the Market

The state or condition of used car market in the UK is quite encouraging and supportive for all the stakeholders who are taking part in this process. This could support this situation fact that the UK used car market has gone ahead of used car market of Germany as well. In reality, private owners sell majority or approximately 80% used cars and at the same time franchised dealers along with independent dealers also contribute in this process of used car buying and selling. The other sales channels like auction houses also play their parts as their contribution is accounted below 5% in total.

Wholesale Market of Used Cars

After considering all the actors and processes of used car market in the UK, there is another market that has been developed in recent years in the name of wholesale market. This wholesale market works by the help of different factors such as corporate owners, fleet owners and rental along with leasing companies. This is the way through which the process of used car buying and selling takes place and all these actors actually contribute in this phenomenon.

Market Behavior

The contemporary trend suggests that there will be different sorts of changes incurred in coming years and as a result the market of used cars will behave differently in future. These changes should be considered appropriately because of their impacts and consequences. These changes are as follows:

Variation in Supply

The sales records of new cars suggested that the demand of new cars is decreasing and this has happened because of the 20008-2009 recession. At the same time the overall condition of used cars are improving and this is one of the reasons that has affected the sales of new cars.

Enhanced Online Buying and Selling

In this modern era of communication and social media presence, buyers and sellers of used cars both are moving towards the online mediums gradually. In this concern, consumers or real buyers are getting more information and awareness and they actually visit fewer dealers before buying their selected used cars. At the same time the application and utilization of mobile phones and other devices in order to search and explore rates and models of various used car is increasing drastically.

Improved level of trust between buyers and sellers

During this process, the level of trust among different buyers and sellers is also improving because the transparency has also been enhanced in this phenomenon. This is because of the reason that normally buyers and sellers usually share correct information with each other and as a result the fair price is paid to the sellers in the end. In this manner, the transactions are also performed in best secured manner and in this aspect online mode of payments are normally considered and applied.

Final Thoughts

In a nutshell, the statement or saying we buy any car is being applied in a true manner by the different competitors who are operating in the market of used cars in the UK.  The future of this market is encouraging because real buyers and sellers are actually involved in this process. As a result, this process will further improve in the coming years because people have started using the online mediums in order to obtain information and awareness regarding used cars to a considerable extent.                                   

                

Author Bio

Content Writer at Motor Trader

Similar Articles

Exploring The Future Of Used Car Market In The UK Bijur Delimon – How Lubrication Works To Reduce The Friction? The Growing Popularity Of Trucks In Kenya Riverhead Toyota Makes Extremely Charitable Donation To East End Arts The All-American Sell A Thon Is Going On Now At Century 3 Chevrolet Secure Your Bike With Bike Parking Racks How To Sell Your Car After The Brexit Get To Know Your Car Audio System Better In Austin Why You Need A Car Stereo And How To Get It In Austin Centrifugal Pumps Market Will Hit At A CAGR Of 4.6% From 2015 To 2025 Increasing Demand For Sustainable Alternatives To Boost Sales Of Tire Cord And Tire Fabric, Finds TMR Global Thermoplastic Polyolefin Market: Asia Pacific To Replace North America As Leading Regional Segment During Forecast Period, Predicts TMR Global Recycled Nanocomposites Market Is Expected To Reach USD 5.91 Billion By 2018 Automotive Windshield Washer System Market Global Industry Analysis, Size, Share And Forecast 2016-2026 Distinction Between Lug-centric And Hub-centric Wheels How To Pack And Prepare Your Wheel Spacers A Brief Overview Of The Evolution And Progress Of Hover Board Technology When Do You Require Wheel Spacers For Your Car Aerospace Plastics Market - Growth, Future Prospects & Competitive Analysis, And Forecast 2016 - 2023 Single-Use Bio-Processing Systems: Market Growth, Future Prospects And Competitive Analysis, 2016-2022 Biological Safety Cabinets:Market Growth, Future Prospects And Competitive Analysis, 2016-2023 How To Design Your Own Dirtbike Graphics Different Styles Get Great Looks For Your Car With Spacers For Rims Heat Pumps Market Will Hit At A CAGR Of 7.1% From 2016 To 2026 Aerosol Market – Global Industry Analysis, Competitive Insight And Key Drivers; Research Report 2016 – 2023 Automotive Balance Shaft Market Value Share, Analysis And Segments 2015-2025 Emerging Opportunities In Electrical Enclosure Market With Current Trends Analysis Get A Smoother Ride With Car Wheel Spacer Guidelines For Installation Or Changing Wheel Spacers All You Need To Know About The 8 Lug Wheel Adapters Global Welding Products Market Boosted By Booming Construction Industry; Market To Reach US$23.8 Bn By 2020 Variable Frequency Drive (VFD) Market Will Hit At A CAGR Of 7.2% From 2015 To 2026 Automotive Human-Machine Interface (HMI) Technologies Market Dynamics, Forecast, Analysis And Supply Demand 2016-2026 Bluetooth In Automotive Market Headed For Growth And Global Expansion By 2026 Automotive Turbochargers Market Growth, Trends And Value Chain 2014-2020 By FMI Emission Control Catalyst Market Segments And Key Trends 2014-2020 Asia Pacific In-Car Entertainment System Market Globally Expected To Drive Growth Through 2020 Electric Vehicles Market Headed For Growth And Global Expansion By 2020 Variable Valve Timing Market With Current Trends Analysis, 2015-2025 Fuel Injection System Market Globally Expected To Drive Growth Through 2025 Automotive Radar Market Volume Analysis, Size, Share And Key Trends 2016-2026 Mobile Cranes Market Volume Analysis, Size, Share And Key Trends 2016-2026 Automotive Diagnostic Scan Tools Market: Global Industry Analysis And Opportunity Assessment 2015-2022 Avail Vehicle Locksmith Service For Your Any Automation Related Problems Latin America Automotive HVAC Market Poised For Steady Growth In The Future Centre And Drag Link Market Analysis, Segments, Growth And Value Chain 2016-2026 FMI Releases New Report On The Automotive Ignition Coil Market 2016-2026 Research Report And Overview On In-Vehicle Ethernet System Market, 2016-2026 Automotive Carbon Ceramic Brakes Market Dynamics, Segments And Supply Demand 2016-2026 Automotive Touch Screen Control Systems Market Value Share, Analysis And Segments 2016-2026 Good Growth Opportunities In Global Turbo Compounding Systems Market Till 2026 Remote Diagnostics Market Automotive Fuel Cell Market – Global Industry Analysis Report, Share, Size, Growth, Price Trends And Forecast, 2023 Global Automotive Parts Remanufacturing Market: Explores New Growth Opportunities By 2024 Rubber Transmission Belt Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2016 - 2024 Global Servo Motors And Drives Market: Expecting Worldwide Growth By 2026 – Persistence Market Research Global Coil Coatings Market: Rising Non-residential Construction Favors Coil Coating Consumption, Says TMR Global Precipitated Silica Market: Manufacturers Ride On The Auto Industry Boom, Says TMR Focus On Automotive Seating Systems Market Research Report 2015 To 2022 How To Apply Graphics And Decals On Your Bike Graphic Stickers For Cars And Bikes- Why You Will Need Them? North America Printing Inks Market: Booming Packaging Industry Stimulates Demand, Says TMR Metal Cleaning Chemicals Market - Global Industry Analysis, Forecast 2016 - 2024 Video Streaming And Broadcasting Equipment Sales Market: Study Growth Factors, Types And Applications With Market Forecasts United States Dynamic High Pressure Pumps Market Driving Factors, 2016 Market Analysis, Investment Feasibility And Trends Car Security System Market Expected To Grow At A CAGR Of 6.0% During 2016 To 2026 Global Automotive Front End Module Market Set For Rapid Growth And Trend, By 2026 Lightweight Aluminium Pistons Market Dynamics, Forecast, Analysis And Supply Demand 2016-2026 Automotive Wheel Rims Market Size, Analysis, And Forecast Report 2016-2026 Global Aircraft Landing Gear Market 2015 Share,Trend, Growth, Segmentation And Forecast To 2022

Disqus Comments

Articles Search

Sponsor

Social Media

Forum Threads Search

Pages Search