Press release

Q4 / 2020 used car transactions | February 2021

Auto Trader’s Chief Executive Officer, Nathan Coe, responds to the latest used car transactions results

Nathan Coe, Auto Trader Chief Executive Officer:

The figures reveal the extent of the impact the lockdowns and restrictions imposed across the UK last year had on the used car market. However, they also highlight the resilience of the market, with very strong levels of consumer demand when forecourts were able to open. Whilst the decline was keenly felt last year, it’s reassuring to hear that many of our retailer partners were operating at 60 – 70% of normal trading volumes during January. This is more than we anticipated and testament to the speed at which retailers have adapted to digital retailing, as well as their sheer determination and hard work. After 10 months, it’s clear that many won’t return to their traditional retailing model; even after restrictions are lifted. The most successful retailers will be those that continue to embrace digital and offer a blended online and offline experience.

Our research points to the positive shift towards car ownership strengthening, with 49% of consumers now stating that owning a car is more important to them now than it was before the pandemic. We’re also seeing consumers' confidence in being able to afford their next car surpassing pre-COVID levels. The better than expected performance we’ve seen in January, along with these strong consumer metrics gives us confidence the market will be in a good position once forecourts reopen, and we expect a more positive outlook for 2021 overall.”

In next week’s webinar we’ll be joined by @mikejonesase to talk through what the latest budget means for retailers. We’ll also discuss what independent and franchise retailers can learn from each other as they prepare to reopen physical forecourts > https://t.co/rKjsWxrWjN https://t.co/tTxqOKW63A
Our teams were delighted to be a part of #BreakoutForBen, raising £12,225 towards the staggering total achieved by all who took part @BenSupport4Auto https://t.co/JqHkpGF9cE
To celebrate #InternationalWomensDay on Monday 8th March, we'll be hosting a webinar centred around this year’s theme #ChooseToChallenge. Find out more and register at https://t.co/z83jRsYDtp https://t.co/Yfvh2KkK1A
Our Data & Insight Director @therickw shares our latest audience data along with what we are seeing in terms of overall market and retailer performance. https://t.co/r5vdGHI1UM
In our next webinar we welcome back @mikejonesase ,chairman of @ASE_Global, to give the latest update on government financial support and answer your questions which you can pre-submit by following the instructions below. https://t.co/al6EzwaeJ3
Whilst the latest data from the @SMMT shows new car registrations were down -35.5% last month, we’ve seen a significant increase in new car engagement on our marketplace. https://t.co/NWLpyJ1j2W
Our Retail Price Index, which is based on daily pricing analysis of circa 900,000 vehicles, revealed the average price of a used car in February was £14,096: a YoY increase of 6.6%. https://t.co/HrAEkAqpOV
From May 1st admin fees will be displayed on your full-page adverts. Fees will not appear in search pricing until later this year. https://t.co/ernaPgaJsL
Buyer's confidence in being able to afford their next car remains extremely high. https://t.co/ktR6FungW8
First up our Data & Insight Director @therickw shares our latest audience update. Last week audience grew 8.8% compared to the same time last year, with our marketplace seeing an average of 1.4 million users each day last week. https://t.co/fNyeiSr1AG

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Auto Trader Limited
Registered in England and Wales (Company number: 03909628)

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Manchester
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