Independent vehicle auction, G3 Remarketing, announces a record-breaking year for the business in 2018.
The introduction of new vendors, including First Response Finance, alongside a significant uplift in volume from Motability Operations during Q3 and Q4, helped the business achieve record throughput results supported by increase in buyer attendance which grew by an impressive 26% from the previous year.
G3 had predicted 2018 would be the year they broke £80m hammer value, which was achieved and bettered before the year end. An increased volume of vehicles through both physical and e-auction events helped fuel the growth which saw an 18% increase in stock sold vs 2017.
The focus for the business was to introduce value-added technology and bring in a number of senior appointments to help push the business forward. The introduction of 360° internal and external videos alongside G3’s mobile inspection and asset management application – AVID – helped bolster online buyer activity by providing enhanced assessment of a vehicle’s condition. These business developments underpinned a 24% increase in bids throughout the year – with a significant boost in online buyer activity recorded, a trend G3 believe will only increase in 2019.
With the global slowdown of new car registrations in late 2018, the well-reported result of WLTP and Brexit discussions, the close of the year saw the used car market become as important as it’s ever been. Competition for stock in Q4 resulted in the average sale price at their physical auctions up 13% year on year as demand increased.
G3’s joint Managing Director Matt Dale commented; “Whilst we are immensely proud that 2018 has been our most successful year to date, the story certainly doesn’t stop here. In what will be our 10-year anniversary of trading, 2019 will see the business commence an ambitious 3-year growth plan to double our volumes and significantly increase our acreage capacity”.
G3 Remarketing are centrally located in Leeds, West Yorkshire, holding 14 online and in-hall vehicle auctions each month. Their vendor roster includes a mix of fleet, finance and main dealers.