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Independent sector volumes on the up with PCP factor?

With a predicted influx of used cars resulting from the uptake of Personal Contract Purchase plans in recent years, what does this mean for the independent motor trade sector?

It is being reported by motortrader.com that 2015 is likely to see the start of a major influx of used Personal Contract Purchase (PCP) cars hitting the second-hand market. PCP plans first started being widely used around 3 to 5 years ago and these cars are begining to hit the second hand market in greater volumes as the buyers trade up. With the volume of good-quality used cars likely to increase, this could mean a number of different things for motor traders involved in the independent motor trade sector.

  • Greater volumes of work for service and repair garages;

  • Increased volumes of MOT work as these vehicles reach the 3 years old mark;

  • Improved stock quality and variation for the second-hand car sales market.

These are all potential opportunities for the independent motor trade business owner to evolve and grow their business. That could mean taking on additional staff, more actively marketing their business or increasing the volume of sales stock available. 

Whatever approach you take, if your business changes significantly, make sure you review your motor trade insurance to ensure it remains suitable for your needs.

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