The majority of car dealers are feeling positive about their growth prospects over the coming year, despite predictions from many industry insiders that the market may contract in 2017.
A recent Dealer Satisfaction Survey carried out by Close Brothers Motor Finance, found that some 65 per cent of the dealers they questioned said they expected business growth over the coming 12 months.
The results of the survey further suggest that dealers aren’t at all concerned about the fact that customers are changing the way they shop for cars, preferring to search and even buy online. In fact some 42 per cent of the dealers questioned said it was this change in customer behaviour that made them feel especially positive about the year ahead. Another reason given by 58 per cent of the dealers was the rolling out of yet more finance markets to buyers, opening up the prospect of buying a car to a greater number of people.
Despite the overall positivity, wider economic factors were playing on some dealers’ minds, with 20 per cent more (58 per cent) citing the possibility of a recession as the biggest threat to their business performance. Some 41 per cent also said that they were concerned about the impact of Brexit on their performance in the year to come.
Whether you are feeling positive or a little more cautious about the coming year, ensuring your traders combined insuranceis up to date, including all your stock, equipment and other liabilities, is the first step towards protecting your finances and ensuring you can provide excellent customer service.
Paul Kaye the sales and marketing director at Close Brothers Motor Finance said: “It’s promising to see such a large number of dealers positive about the prospect for their business over the coming months, particularly given the heightened economic and political uncertainty that has become the norm as of late.
“It’s also interesting to see that, for the second time in as many months, dealers have cited the availability of new financial products as the greatest opportunity for growth over the next 12 months. With the fall in the pound making manufacturing of cars the cheapest it has ever been, it is important that smaller dealerships remain competitive against their larger manufacturer-sponsored franchises.”