The Vertu Motors group is working with cap hpi to help manage risk and optimise profits in a volatile used car market. The automotive retailer is using the Daily Movement Report to inform its own valuation tools across the Group.
Used car prices have fallen nearly 8% since the start of October. Vertu uses the latest data and technology to mitigate risks when purchasing new stock and making pricing decisions.
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The Daily Movement Report provides dealership groups with a comprehensive view of the market. It offers supplementary information to cap live product. The vehicle data is compiled using extensive real-world trade and retail data from across the industry, which is analysed by an expert team. Users can review the market by sector, manufacturer, vehicle size and fuel type.
David Crane, chief operations officer at Vertu Motors plc, said: “At Vertu Motors, we continue to invest in the latest data and technology to drive efficiency throughout our operations. We have a long-standing relationship with cap hpi, who work in partnership with us to ensure we have access to the latest market insight. We hope that the new Daily Movement Report will be incredibly powerful in helping us spot adjustments we need to make to our valuations engine, and also helps to prompt the operational teams when we spot risks.”
Cap hpi recently issued a warning to the automotive industry to monitor used values as the market continues to undergo a readjustment. Used values during the first six days of November slipped another 1.5%, which follows the 4.2% drop reported in October.
Michaela Hill, managing consultant at cap hpi consulting, said: “The Daily Movement Report presents a whole market view on used values in an easy-to-use dashboard that makes deriving insight easier than ever before. It provides cap live data down to the derivative level and is the most comprehensive view of the trade market available today.”
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By GlobalDataOctober marked the largest drop in a single month since the introduction of cap Live in 2012 and the biggest fall since May 2011, over 12 years ago.
