G3 Automobile Auctions has seen a “surge” in repossessions coming via its doorways in 2024.
The group has seen a 12% improve in automobile repossessions within the second quarter and a 9% improve in quarter three compared to the identical intervals in 2023.
“At G3 we function 35 drop-off areas throughout the UK for a variety of repossession brokers to utilise on behalf of our rising roster of finance homes and this yr can be a document yr for automobiles processed via our Castleford and Bedford public sale services.
“As a result of the surge in repossessions (and new vendor wins in this sector), we have grown our logistics team by 40% this year in order to manage the growing dependence on customer care calls to arrange the collections for our finance house vendors,” mentioned G3 director Gareth Jones.
The autumn in used automobile values over the previous 22 months has meant unfavorable fairness for a lot of automobile house owners, handing again automobiles to finance homes and leasing firms on the finish of the contract. This week Vertu flagged up the problem of vehicles coming off contract nugatory than is owed.
Leasing firms are “actively encouraging” companies and drivers to increase their contracts on electrical automobiles for one more 12 or 24 months.
The intention is to cease the vehicles coming to market and additional lowering costs in an oversupplied used automobile market. Costs have have fallen 58% in 22 months.
