South Wales-based Gravells has launched Indicata’s used automotive pricing and insights platform to its 5 Kia and one Renault Dacia dealership.
The group stated it sells round 5,000 used vehicles yearly and it has onboarded Indicata “to make sure the enterprise is in shut contact with retail market pricing and general used provide and demand in South Wales, notably EVs”.
Jonathan Gravell, MD of Gravells, stated: “What Indicata does is give my crew transparency of the retail value in actual time.
“It gives the granularity we have to confidently value new half exchanges coming in and to maneuver present inventory costs up or down primarily based on market demand, inventory ranges and native pricing.”
Gravell stated Cap HPI’s information is used as a reference level for thus many in the case of used costs, however he stated it begins with public sale information after which works upwards, which he believes will be deceptive for retail pricing.
He stated: “That’s the place Indicata is so helpful as the information is predicated on retail pricing.
“We use information to offer us a extra holistic view of precise costs out there which is especially helpful on fashions exterior of our Kia, Renault, and Dacia franchises.”
Gravells’ six normal managers are chargeable for each new and used automotive gross sales at their particular person dealerships they usually meet frequently to evaluation the market and group used inventory.
That’s the place conversations round value are shared with the extra assist of Indicata information and is the place pricing selections are made.
Gravells has represented the Kia model since 2007 and manages one of many largest used shares in Wales and its necessary it is aware of the place its inventory stands out there towards written down values, but additionally how costs and inventory combine compares with different sellers.
It has seen a buoyant used market in 2023 and with a powerful EV providing Gravells have witnessed the autumn in market costs for zero emission vehicles.
Nevertheless, in response to Gravell, costs have fallen too far and costs at the moment are too low-cost.
Gravell stated: “EV costs have fallen throughout 2023 as the quantity of used vehicles coming into the market has elevated.
“Whereas we’re sensible sufficient to know costs couldn’t keep sky excessive without end, they’ve now gone the opposite means and are too low-cost. Costs are beginning to come again and each month EV gross sales are rising.”
Gravell stated the group is utilizing Indicata information to assist value EV fashions which can be new to the used market.
He stated used EVs is all about market confidence type the buyer and the vendor market, which solely comes with schooling, in addition to ignoring among the “anti-EV narrative that retains showing within the press”.
Gravell added: “Confidence in EVs is rising and each our Kia and Renault manufacturers are in a very good place to make the most of the rise in demand.”