Latest news with #CoxAutomotiveEurope
Yahoo
10-07-2025
- Automotive
- Yahoo
eVA Self-Inspect tool to boost efficiency for retailers
eVA Valuations & Appraisals, a brand of Cox Automotive Europe, has introduced eVA Self-Inspect, a remote self-appraisal tool designed to enhance retailer efficiency and expand their customer reach. The tool allows customers to appraise their vehicles remotely using mobile devices, optimising the appraisal process and improving lead quality for retailers. Customers can capture essential information such as service history and images before visiting the dealership, which aims to reduce the administrative burden on sales staff so they can focus on other responsibilities. By involving customers in the appraisal process, retailers could receive higher-quality leads with clear buying intent. The tool is also expected to enhance customer trust and retention by providing transparency in the part-exchange journey. Furthermore, the remote capability allows retailers to target consumers beyond their immediate vicinity. eVA Self-Inspect complements eVA's existing suite of vehicle appraisal, valuation, and disposal solutions, used by UK retailers. The tool is now available to all eVA account holders. Cox Automotive Europe product director Libo Bian said: 'Time is money for retailers. With increasing operational costs squeezing margins, efficiency is crucial for a successful retailer today. 'We are consistently looking for pain points across the retailing process, and for many of our customers, appraisals were a recurring sticking point in the customer acquisition process and were blocking conversions. 'eVA Self-Inspect is designed to remove these barriers and enable retailers to value vehicles faster, improve conversions and build trust with customers.' In January, Cox Automotive signed a five-year contract with Lookers UK, a car dealership group. The agreement included a fully integrated remarketing programme to boost profitability across Lookers' 135 dealerships in England, Scotland, and Wales. The partnership will utilise Cox Automotive's connected solutions, including valuation, auction, and logistics services. An omnichannel auction strategy through Manheim's physical and digital auction programmes will enhance market speed and conversion rates. Dealer Auction's closed network technology will support Lookers in maximising retail opportunities. "eVA Self-Inspect tool to boost efficiency for retailers" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Irish Sun
29-05-2025
- Automotive
- The Irish Sun
Warning to EV drivers as cars' value PLUMMETS after just two years – are you set to lose thousands?
EV DRIVERS face losing thousands in the first two years of buying a car as manufacturers scramble to meet net zero targets, experts have warned. The average electric vehicle will reportedly retain just 49 per cent of its value after 24 months - a dramatic dip on the 83 per cent in 2022. Advertisement 2 Electric vehicles are becoming a much less secure bet if consumers or companies are looking to resell, compared to the more robust petrol/diesel market Credit: Getty 2 Many are pointing towards the governments "zero emission vehicle mandate" to explain the drop in second hand EV prices Credit: Getty Diesel and petrol cars, in comparison, typically retain 70 per cent of their value, a whopping 20 per cent more than their supposedly higher-tech counterparts. This collapse in the second hand EV market has likely been triggered by a trend of mass-discounts applied by car markers trying to meet government net zero standards for EV sales. The governments "zero emission vehicle mandate" rules that 80% of new cars sales must be EVs by 2030, with the goal of 100% by 2035. If manufacturers fail to meet this target, they may be liable for a cash fined levied according to the number of vehicles short they are. Advertisement Read more in Electric Cars The EV market is also being affected by a steep rise in competition, with cheaper models slashing the average price from nearly £40,000 down to less than £25,000 between 2022-2025, according to Autotrader. Philip Nothard, of Cox Automotive Europe, However, Mr Nothard also said: " The current performance of nearly-new EVs in the used market is still much lower than we would anticipate for vehicles in this age profile. 'The heavy discounts offered on new vehicles mean that consumers can pick up a brand-new model for the same price as a nearly-new model. Advertisement Most read in Motors 'This gives consumers very little incentive to consider them, which is a real blow to a market that needs all the incentives it can get its hands on.' Mr Nothard added that "middle-aged" EVs, between three to five years old, were holding their value considerably better in recent years, only dipping 15% in resale price. The first-ever all-electric MINI JCW Aceman Discounting of new EVs has seen £4 billion slashed from price tags last year, amounting to an average of £11,000 per vehicle, according to the Society of Motor Manufacturers and Traders. Although these tumbling prices are good for consumers, the rate of reductions has sparked concern in elements of the car industry. Advertisement Fleet operators, such as car rental companies, are particularly vulnerable to these market changes. Accounting for two thirds of all new car sales, car rentals usually buy their vehicles new every few years, relying on the resale market to makeup some of these costs. With this market plummeting, companies are have to take deep cuts to profits when updating their fleets. I n 2023, the EV leasing firm Onto fell into administration after it was forced to write down the value of its 7,000-car fleet by £21m that year. Advertisement The British Vehicle Rental & Leasing Association (BVRLA) last year warned that many similar companies were experiencing heavy losses when reselling EVs because of this 'unsustainable' depreciation. Consumers may have to foot some of these rising costs in order for leasing companies to remain trading positively. The BVRLA has since made a plea to the government for intervention, calling for market stimulus measures to prop up faltering industries.
