The market was given warning in advance about the current downturn in values
State of current used car market underlines importance of accurate data, says Glass’s
The importance of accurate valuation data has been underlined in recent months by the way in which c, according to Glass’s, the largest vehicle data provider in Europe.
Rupert Pontin, Head of Valuations, said that used car values have slid rapidly in the final quarter of 2014 before hitting a noteworthy low in December, even allowing for normal seasonal patterns, something that was predicted by Glass’s as long ago as the summer.
He explained: “The state of the current used market is of definite concern, something that we first started flagging up as long ago as June, when we noticed worrying changes to defleet patterns.
“By September, we were writing about a definite alteration in the landscape of the used car market and successfully predicting a drop of the kind that we have now seen materialise over recent weeks.
“We are not simply pointing out our successes in forecast accuracy. Instead, it is important underline how this kind of issue is essential to anyone working in the used car sector. Without accurate and timely pricing information, it is difficult to make profits. It is that fundamental.”
Pontin said that the key for Glass’s lay in reading the information that came from sources correctly, which meant everything from key contacts within the industry to real time pricing data.
“In this case, it was very much our contacts who noticed the downshift in the market very early in the process and, when we looked at the data, we could see the first signs to back up their suspicions.”
