Dealers Brace for an Unpredictable 2024 Amid Escalating Cost of Living Crisis
2024 is projected to be an exceptionally tumultuous year for dealers as consumers continue to grapple with the relentless cost of living crisis. Tim Smith, the head of Black Horse Motor Finance, asserts that used car dealers will face numerous challenges in the coming 12 months. However, seasoned dealers possess the experience and expertise to navigate these obstacles and emerge unscathed.
In a video posted at the top of this story, Smith states, “The only thing you can predict about 2024 is that it will be unpredictable.” Such uncertainty can significantly impact the automotive industry, making it crucial for dealers to adapt and evolve continually.
Smith expresses hope for stable interest rates in the coming year, as the Bank of England has already demonstrated cautiousness. He further anticipates a potential downward trajectory in rates, albeit uncertain due to the prevailing global economic conditions.
He remarks, “I think we will see the cost of living crisis continuing to be a challenge for customers and impacting sales.” The ongoing cost of living crisis plagues many individuals, with rising mortgage rates and escalating prices exacerbating financial burdens. Moreover, petrol prices continue to experience upward pressure, further burdening consumers.
Nevertheless, Smith believes that if interest rates stabilize, it could be a positive development. It may create a more settled environment, supporting both consumers and businesses in their financial endeavours. In conclusion, Smith reflects, “There’s plenty to keep us all amused!”
Smith recognizes that these fresh challenges pile up on what has already been a difficult year for used car dealers. The persistent cost of living crisis has hindered sales and made life tough for customers, dealers, and the industry as a whole. However, amidst the adversity, many dealers have demonstrated remarkable resilience by confronting these challenges and transforming them into business opportunities.
Smith’s remarks precede the Car Dealer Used Car Awards 2023, which are sponsored by Black Horse and set to take place next week. These awards serve as a platform to celebrate excellence in the used car industry and have been recognizing top dealers, businesses, and manufacturers since 2012.
To discover who has made the shortlist for the awards, please click here. At the ceremony, winners and two highly commended firms will be announced for each category. The glittering awards ceremony, sponsored by Black Horse, will be held at The Brewery in London on November 27. While the Used Car Awards 2023 is already sold out, interested individuals can reach out to the sales team via email ([email protected]) to inquire about potential attendance. A reserve list is being compiled, and prospective attendees will be notified if space becomes available.
In a world plagued by uncertainty, 2024 promises to be a challenging year for used car dealers. Yet, with resilience, adaptability, and innovation, these professionals are poised to withstand the unpredictable twists and turns that lie ahead.