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The latest report from Cap HPI highlights a significant trend in the used car market for April 2024, demonstrating a return to pre-pandemic pricing patterns and shedding light on the continuing challenges faced by electric vehicles (EVs). According to Cap HPI, prices for three-year-old vehicles with approximately 60,000 miles on the clock saw a decrease of about 1.5%, or £300. This change represents a natural alignment with seasonal trends, often influenced by factors such as the Easter break and market saturation after the first quarter's sales activities. The decline in used car prices, although consistent over two months, is not a cause for concern among dealers. The fluctuations align with historical trends and are considered part of the regular market cycle. This period saw petrol vehicles maintaining popularity, selling more quickly than other types of vehicles. Conversely, EVs and diesel-engine cars lagged, posing inventory risks for dealers. Particularly notable is the

Following the acquisition of the UK dealer group Pendragon by the US automotive giant Lithia Motors, the company announced a major restructuring that includes the closure of Pendragon's CarStore brand. This drastic move will lead to the shutdown of 16 CarStore sites across the UK and result in approximately 250 job losses. This decision was influenced by a notable downturn in the used car supply, prompting a shift in business strategy. Pendragon, a prominent name in the UK motor trade, has faced significant changes since its £397 million acquisition by Lithia. The announcement of the job cuts and closures came shortly after the takeover, aligning with a trend where UK dealer groups experience major restructuring post-acquisition by North American investors. This pattern raises concerns within the industry about the stability of jobs and the future of such business entities under foreign ownership. The remaining CarStore locations will not continue under the same brand; instead

Tesla, led by Elon Musk, has implemented price cuts for its Model Y, Model X, Model S, and Model 3 vehicles in response to a global sales decline. While the UK has not yet seen price reductions, similar actions in the past have led to significant drops in used EV values, impacting dealers' willingness to stock such cars due to financial losses. The price reductions vary by region. In China, the price of the Model 3 was reduced by approximately £1,560, now starting at about £25,920. In Germany, the Model 3's price dropped by about €2,000 to €40,990. Additionally, in the USA, $2,000 was cut from several models. This strategic move follows a challenging period for Tesla, which saw a global delivery decrease of 8.5% to 386,810 vehicles in the first quarter of the year. Moreover, this price adjustment comes shortly after Tesla announced a global workforce reduction by over 10%, a decision Musk described as difficult but necessary for the company's next growth phase. Thes

Lookers, a prominent dealer group, has recently inaugurated a new BYD dealership in Sheffield, Yorkshire, marking a significant expansion in its electric vehicle (EV) offerings. This new dealership, situated at the former site of an approved used Ford centre on Savile Street East, underscores the company's commitment to enhancing EV accessibility in the region. The new showroom boasts space for approximately 80 vehicles, showcasing BYD’s diverse range of electric models, including the Dolphin, Atto 3, Seal, and the ETP3, BYD’s inaugural EV van in the UK. The opening of this dealership follows closely on the heels of Lookers' first standalone BYD site in Middlesbrough, indicating a rapid expansion strategy for the brand. Ryan Smith, the General Manager at Lookers BYD Sheffield, expressed excitement about the opportunities that the new dealership brings. He highlighted the company's anticipation of expanding their stock and staff in response to growing customer interest

Tesla, led by Elon Musk, has implemented price cuts for its Model Y, Model X, Model S, and Model 3 vehicles in response to a global sales decline. While the UK has not yet seen price reductions, similar actions in the past have led to significant drops in used EV values, impacting dealers' willingness to stock such cars due to financial losses. The price reductions vary by region. In China, the price of the Model 3 was reduced by approximately £1,560, now starting at about £25,920. In Germany, the Model 3's price dropped by about €2,000 to €40,990. Additionally, in the USA, $2,000 was cut from several models. This strategic move follows a challenging period for Tesla, which saw a global delivery decrease of 8.5% to 386,810 vehicles in the first quarter of the year. Moreover, this price adjustment comes shortly after Tesla announced a global workforce reduction by over 10%, a decision Musk described as difficult but necessary for the company's next growth phase. Thes

Lookers, a prominent dealer group, has recently inaugurated a new BYD dealership in Sheffield, Yorkshire, marking a significant expansion in its electric vehicle (EV) offerings. This new dealership, situated at the former site of an approved used Ford centre on Savile Street East, underscores the company's commitment to enhancing EV accessibility in the region. The new showroom boasts space for approximately 80 vehicles, showcasing BYD’s diverse range of electric models, including the Dolphin, Atto 3, Seal, and the ETP3, BYD’s inaugural EV van in the UK. The opening of this dealership follows closely on the heels of Lookers' first standalone BYD site in Middlesbrough, indicating a rapid expansion strategy for the brand. Ryan Smith, the General Manager at Lookers BYD Sheffield, expressed excitement about the opportunities that the new dealership brings. He highlighted the company's anticipation of expanding their stock and staff in response to growing customer interest