The Vehicle Remarketing Association (VRA)’s latest member meeting attracted almost 50 attendees, in what the organisation described as an increasing interest in remarketing.

The remarketing market has enjoyed recent success, as ongoing economic uncertainty has placed a renewed focus on maximising value on existing assets, said the VRA. It added that advancements in technology have also supported growth in the market, while rising customer expectations have encouraged a higher standard of service.

Over the last 18 months, used prices of late and low stock have risen by £287 while ex-fleet stock has risen by £447 to £10,177 in the same period. The average price is the used market rose from £11,365 in the fourth quarter of 2017 to £13,073 in the third quarter of 2018 – representing a 15% increase.

Sam Watkins, chair of the VRA, noted the growing momentum behind the VRA with increasing membership numbers and a higher profile for the organisation. “We also see this very much as a sign of the current, increased interest in remarketing general from right across all different sectors of the motor industry,” he said.

The event in Coventry explored a range of topics in relation to leasing company remarketing, including issues affecting online business and personal leasing, changing attitudes towards vehicle termination, collection and damage, and the latest developments in the new and used car markets.

Key presentations at the meeting included Dean Bowkett of Bowkett Consulting on high level developments in the leasing sector, Paul Harrison of Leasing.com on issues affecting online business and personal leasing, Nigel Dann of vehicle credit management specialist Anglia UK on changing attitudes towards vehicle termination, collection and damage, and Derren Martin of cap hpi on the latest developments in the new and used car market.

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Watkins concluded: “This is proving to be a really busy year in remarketing and the support that the VRA provides to its members will be invaluable.”

Watkins was appointed as chair of the VRA in November last year, succeeding Glenn Sturley, who held the role for two years and had been a member of the VRA since its inception in February 2007.  Prior to this, Watkins held roles including business strategy and contract development manager at Bruntingthorpe, and contract hire and leasing manager at the Fiat Group.