2024 ‘surpassing expectations’ with strong used values

A strong start to the year gave last week’s Residual Value and Remarketing (RVR) Forum an optimistic atmosphere. Delegates heard from a host of experts, spanning data providers, used car dealers, and EV manufacturers, with a host of reasons to be cheerful after the first two months of 2024.

Derren Brown of cap hpi presented vehicle data trends seen so far this year and said: “It is going to be a strong year. Lots of uncertainty as there always is, but 2024 is going to be very good for the used car market.”

Hosted by BCA in the Midlands, the agenda also included an update from Toby Poston of the BVRLA. With a General Election on the horizon, Toby ran through the association’s policy priorities for the months ahead and what impacts might be seen once the polling stations close.

He was followed by a panel discussion including experts from BYD, BCA, Drive Green and Norton Way Motors. They looked at the market changes being seen by new entrants, how customer relationships and habits are evolving, and what the current economic situation means for the used car market.

Rounding up his first forum as RVR Chair, Karl Lord of Enterprise said: “It was a very positive session with great engagement across the room. We spent some time talking about what the data is showing, before hearing the view from the buyer, be that fleet, wholesale, or retail. There are some really good signs coming out of the retail market regarding retail demand. I'm sure every attendee took some great nuggets of information back to their business.”

The next RVR Forum of 2024 is taking place at GWM Ora in Solihull on Thursday 13 June. Members looking to subscribe to the programme can do so online.