LEASING brokers hoping that the current vehicle production blight will alter for the good, look set to be disappointed.
According to a report by Cox Automotive, it appears that a sustained period of uncertainty over car production is going to continue.
Cox Automotive’s insight and strategy director Philip Nothard said:
“Hopes of a bounce back within new vehicle production and used car supply are proving short lived, with production and supply challenges likely to extend into 2023 and beyond.”
He added that the cost of living crisis, rising energy prices and the continued conflict in Ukraine meant that the automotive sector would continue to be highly volatile.
Although the prospect of a return to pre-pandemic market conditions has become increasingly unlikely, we cannot know what’s truly ahead of us. The goal should therefore be to focus on developing and implementing a clear long-term strategy and doing the basics well. Understanding your operations and cost base and where there is the greatest scope to achieve efficiencies will provide a better chance to move ahead on a stronger footing.
The latest insights are explored more fully in AutoFocus issue 7: Q4 2022.
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Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
