The majority of dealers are finding it difficult to source used cars for their forecourts.
That’s the conclusion of research carried out by Close Brothers Motor Finance which found that 88% of dealers find it challenging to source sufficient used car stock.
Eight in ten (79%) car dealers say they have seen a surge in used cars in the last six months, accordingly to research from Close Brothers Motor Finance (CBMF).
The Dealer Satisfaction Survey (DSS) found that more than half of dealers (53%) have seen a significant increase in demand for used car stock, whilst 26% have seen a slight increase.
Close Brothers aid the ongoing semiconductor shortage has trickled down to car dealers and retailers across the UK, who’s pricing models have been thrown into disarray thanks to a lack of available stock
It added that the release in pent-up demand from consumers should have boosted sales and facilitated recovery across the sector, but instead it put immense pressure on the new car market, pushing many buyers to the used car market instead.
A vast majority (83%) of dealers say the semiconductor shortage has meant there simply is not enough stock to meet the consumer demand, whilst 88% admit that getting stock for their forecourts is challenging.