Japanese car manufacturers are most affected by competition from Chinese new entrants, delegates to the Automotive Summit of the Vehicle Remarketing Association (VRA) were told.
Attendees at the annual event, held at The Slate, Warwick University, heard the views of Michael Dunne, CEO at global automotive consultancy Dunne Insights.
He said: “Dealers want to know who will be the Chinese Hyundai to pick the right retail partner, legacy manufacturers are a little shell shocked and searching for how to respond, and investors want to know where to place their bets.”
“For the moment, at least, European and US manufacturers, especially premium brands, are in less danger and several are forming partnerships with Chinese manufacturers to develop their capabilities.
“Instead, it’s the Japanese who are paying the price. Nissan and even Honda are losing ground in a way that we’d never have predicted a few years ago.
“If you talk to dealers selling Chinese new entrants, they are making conquest sales from Japanese manufacturers not just in the UK but comparable markets. Japanese companies are stunned by how quickly customer loyalty is evaporating. The one exception so far is Toyota, who are holding their own.”
The event started with a presentation from Glynn Jones, Bank of England deputy agent for the West Midlands and Oxfordshire, on general economic prospects.
Extensive discussions took place around fleet remarketing.
The final session of the day covered the latest technological developments in remarketing.
The Summit was sponsored by companies including headline partner OMODA&JAECOO UK; event partner, Aviloo; session sponsor Keyloop; associate sponsors Geldards and Brego as well as exhibitors DRIVVN, MOBA and MTC.
Philip Nothard, VRA chair, said: “This was a superb event with our highest attendance ever, showing its growing reputation within the automotive industry calendar.
“We’re like to offer a heartfelt thanks to all of our sponsors, without whom the event would not be possible.”
