Remarketing sales at vrs up by nearly 50% in 2009

Manheim’s direct trade sales arm, vehicle remarketing solutions (vrs), has also confirmed the very strong start to the used car market in 2009, with vehicles sales up by just under 50% over the same period last year.

Reporting almost unprecedented demand for used cars, particularly from franchised dealers, the vrs sales figures show that the smaller, fuel-efficient vehicles are most sought after, with prices rising between 5% and 10% in the first few weeks alone. Even those vehicles, which before Christmas were struggling to generate any interest from buyers, were also being snapped up as the spectre of a stock shortage begins to loom large. These include a range of larger cars and 4x4s which had become such good value by the back end of 2008, that they have become an almost irresistible bargain on the forecourts.

Commenting on the present market, Lewis Arthur, Managing Director of vrs said: “There is clear evidence that many more franchised dealers have focussed on the used car market this year as a primary profit stream. It’s hard to believe the almost instant upturn we’ve seen since January 1st but, with sales at the current high level, we’re actually starting to run short of stock. It’s good to see a certain degree of optimism in the retail sector, not seen for many months, but we do need to be very cautious as the economic environment is still highly uncertain. Nevertheless, sellers and buyers alike are enjoying a much needed spell of buoyant used car trading, as we head into the all important March market.”