In April 2020, the Society of Motor Manufacturers and Traders (SMMT) reported new vehicle sales had dropped by an astonishing 97.3%
A few months down the line new car sales for the year were 48.5% lower than in 2019. Even with this increase from the previous months, this is still a harsh percentage to be down for any business.
Usually, when September hits with the dawn of another new license plate number there is a boom in sales, but 2020 was not what we expected.
It took until October for the knock-on of the sales to see an increase of just over 15% to see the figures still down by 31% in 2019, but this was still an improvement in previous months.
Interestingly while used car sales also saw a fall of almost 50% in March by the time it came to October sales actually increased by 4.4%.
This could be for a number of reasons: the reduction of offering to finance and the stability of people’s jobs making finance a questionable buying option, or perhaps budgets across the UK decreased with people being more scared of the economic impact of the virus on their savings and income.
An interesting potential for the used car sales market to hold well could be the increased adoption of cryptocurrency spending.
The past year has seen a phenomenal increase in online spending.
Not only that but using online currencies, with the primary thought going to PayPal, there’s also been a huge increase in crypto wallet spending, especially within the car industry.
Dealerships across the country over the past year or two have jumped on the opportunity to expand their customer pool by making the change to accept crypto such as bitcoin through us.
AutoCoinCars has proved that there are thousands of wallet holders who are spending their money and our partners have seen multiple bitcoin sales over 2020.
In fact, one partner went so far as to thank us personally over Christmas.
John from Redline Specialist Cars said:
“This year has been tough on us all, with the help of crypto car sales from AutoCoinCars we have been able to achieve so much more this year than we thought possible, so thank you!”
To be precise 1,677 cars were sold through cryptocurrency with our help!
All the signs are pointing towards the UK moving into the future, electric cars, crypto payments, the world is changing fast.
Maybe this pandemic has caused change for the better.