Our latest set of data shows that used car sales increased by 7.8% in October against the same month last year.
October 2018 also saw an 18.1% increase on used vehicle finance and a 15.4% increase in GAP insurance sales. Paint protection insurance sales increased 7.4%
Martin Hill, managing director said:
It is clear that used car operations continue to provide a valuable revenue opportunity for dealers across the UK. The data shows that all aspects of used car retail showed growth in October and we expect this to be a focus well into 2019.
Finance penetration for used vehicles increased from 44.2% in 2017 to 48.5% last month. This growth of used car finance presents a valuable opportunity for dealers as it lags behind new vehicle levels.
Overall used leads increased by 7% showing an increase in conversion by dealers on the same month last year. Digital enquiries leapt by 15.6% while walk-ins dropped by 0.5%.
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