With no less than 4 bank holidays coming up over the next two weeks, it’s no surprise that many businesses are grinding to a halt over the Easter weekend and the Royal Wedding festivities.
The country will as good as shut down for business over the next couple of weeks, with literally millions of people taking advantage of the extra bank holiday. Many lucky workers will take just 3 days of annual leave to get an 11 day break!
But not everyone is as thrilled. In fact the economic impact could be massive according to some experts, as many businesses are left with no choice but to shut up shop.
So April is set to be a tough trading month for many, and the used car industry is sadly no exception.
Adrian Rushmore from the Glass’s Guide says, ““Everyone we have spoken to believes that general market conditions will become more challenging this month”.
Rushmore believes that the extra holidays in April will certainly have an impact on the industry with less people showing an interest in buying used cars. April traditionally is a strong month as it follows the March registrations, so there will be an expectation for used car dealers to produce good figures, which will be tougher than ever this year.
Rushmore goes on to say “Given the uncertainty about the extent to which prices will fall – and no one is predicting that they will recover in the short term – the best advice for trade vendors is to accept all reasonable offers at the first time of asking. Trade buyers are firmly in the driving seat with plenty of choice and little urgency to buy”.
At Think Insurance we are hopeful that April doesn’t prove to be as bad as some of the gloomier predictions suggest. Motor traders have weathered some tougher storms of late and we are confident that the challenges that April will present will be no different.