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Motor sellers are nonetheless seeking to spend money on their forecourts this yr regardless of financial uncertainty, rising prices and enterprise challenges, in keeping with Shut Brothers Motor Finance’s Forecourt Foresight analysis.
It discovered that of those that plan to spend money on their enterprise this yr, greater than two-thirds (67%) are planning to spice up inventory whereas nearly a 3rd (29%) will spend money on on-line and digital platforms and the identical quantity (29%) will improve showrooms.
The continued cost-of-living disaster (82%), lack of inventory availability (29%), and vitality costs (26%) are among the largest challenges for sellers this yr.
But, regardless of these issues, one-in-five (18%) nonetheless plan to rent extra workers, and one in eight (16%) will enhance workers coaching and growth.
Regardless of the gradual shift in the direction of different gas automobiles (AFVs), simply 4% of sellers are planning on putting in charging factors on their forecourts.
Simply 16% of sellers stated that they don’t seem to be planning any investments of any variety this yr. For 1 / 4 (25%) of sellers it’s because none of their enterprise plans require extra funding, whereas nearly one in 5 (19%) verify they’ve already lately invested of their enterprise.
The turbulent market mixed with financial challenges was additionally cited as causes for no funding. Two in 5 sellers (41%) verify there’s an excessive amount of financial uncertainty, whilemore than one in ten (13%) cite the time not being proper.
Lisa Watson, director of gross sales at Shut Brothers Motor Finance, commented: “Though the automobile market is buoyant and the most recent new registration figures have remained resilient, there’s an array of challenges impacting sellers up and down the nation – from the continuing cost-of-living disaster and hovering vitality payments to difficulties acquiring inventory.
“However the excellent news is that sellers are nonetheless seeking to improve their enterprise with funding, which we will help them with by our inventory funding. And, a lot of those that aren’t planning to speculate could have both completed so lately or their plans merely don’t require additional funding.
“As sellers look to the yr forward, the enhance to their companies, in addition to information pushed insights to make sure client demand is met, will play an more and more vital position in ensuring sellers see sustained gross sales and a lift to their backside line.”
The Forecourt Foresight analysis was performed by Shut Brothers Motor Finance, surveying 200 sellers within the UK in November 2023.
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