Who’s buying a car?
New and second hand car sales continue to fall
Demand for new and used vehicles declined for a fourth consecutive month in June.
According to data from iTrackLeads, overall enquiries declined by 16% and sales fell by 12.5% year on year.
Test drives declined by 14%, and vehicle handovers fell by 35%.
Old and new
The data from iTrackLeads mirrors the latest SMMT new car registrations data. This shows the UK’s new car registrations fell to their lowest June level since 1996. Thus principally the result of component supply problems, which caused a 24.3% decrease. The ‘cost of living crisis’ is yet another source of concern for both buyers and sellers as sales hit the brakes.
The speed challenge
Adrian Favill, director of iTrackLeads, says it’s “a challenging market”.
For sales teams the pressure is on to follow up and convert leads with haste. , it is essential that every lead is nurtured.
“Our data shows that up to 78% of sales go to the retailer that responds quickest,” admits Favill.
Their research findings reveal that every 10-minute delay creates a 30% drop in conversion.
According to eBays Motors the impact of the UK’s growing cost-of-living crisis is also now being felt in the used car sector. Sales are slowing and the average price of a car advertised for sale via its platforms declining 4.7% in the latest financial period (Q2).