First Remarketing Forum a great success
Attended by close to 100 industry professionals, Nexus Communication's first Remarketing Forum, on 18 November in Hamburg, was a great success. Nine speakers from diverse sections of the remarketing industry shared their expertise. Three panel discussions covered a wide range of topics. Every session was followed by a Q&A with the audience.
The all-day Forum was kicked off by Steffen Schick, Chief Product Officer at EurotaxGlass's Group, who stressed the value of VIN (vehicle identification numbers) to increase remarketing efficiency and effectiveness: "VIN Look-up reduces costly errors, improving residual values (RVs)".
Rachel Price, Marketing Director at AutosOnShow, discussed another opportunity for maximising used car values – the use of video as an addition to using pictures in an online environment: "Using video on your website can increase sales 17 to 20%".
Rounding out the morning sessions were four speakers on the key challenges facing the remarketing industry, followed by a panel discussion on the subject.
Andrew Fellows, Head of CAP Consulting, discussed the tricky subject of residual values of alternative powertrain vehicles (electric, hybrid and others). He tackled the negative role of state intervention: “As long as government subsidies distort the market, alternative powertrain RVs will remain unstable".
Jean-Laurent Paris, Managing Director at DEKRA Automotive Solutions, delved deeper in the generational shift that will increasingly affect the remarketing industry: "The average age of a new car buyer globally is 52. Generation Y buys used cars. We have to turn these consumers into fans”.
An extremely complicated issue, but a potentially very rewarding one, is cross-border remarketing across the still very fragmented European markets. “This is the Champions' League of our industry”, quipped Peter Dietrich, European Sales Director at BCA. “It's not something you should do as an addendum to your national operations – but if done right... you win!”
The interesting contribution of Dean Bowkett, Technical Director and Chief Editor of EurotaxGlass's Group, highlighted remarketing-relevant aspects of the tug of war between diesel versus petrol: "By 2020, petrol will be as clean as diesel, but diesel vehicles will remain more durable, affecting RV."
In the first after-lunch session, Steve Young, Managing Director of ICDP, provided an overview of the changing landscape of automotive distribution that was both broad and detailed. His overarching point, reflecting the growing influence of online sales on bricks-and-mortar dealerships: “Disruptive change to automotive distribution won't happen overnight, but it is happening”.
Discussing the increasing popularity of upstream remarketing, Johathan Holland, VP Business Development at Adesa, pointed out that the formerly mainly B2C instrument is now being discovered for B2B purposes. “Ultimately, it's about protecting RV”.
The last speaking engagement of the day was reserved for Wolfgang E. Reinhold, Senior VP Car Remarketing, Procurement and Operations at LeasePlan. His heartfelt plea to found a European Car Remarketing Association to lobby the EU for harmonisation of the industry's fragmented rules and regulations was warmly received.
Closing off this first edition of the Remarketing Forum, Johan Verbois, Director of Knowledge Development at Nexus, promised that “our focus on remarketing doesn't end with this Forum. Over the next year, we will build a Remarketing Community. See you next year!”