The National Association of Motor Auction’s (NAMA) newly appointed chairman Andrew Walker has revealed its new strategy at the same time as praising members from the vehicle remarketing sector for their outstanding efforts during the Covid-19 pandemic.
Alternative fuels and EVs are an integral part of NAMA’s new strategy as the move to zero emissions is set to play a huge role in the used vehicle market. NAMA’s vehicle grading teams are already looking at the specific issues surrounding these vehicles and the subsequent impacts on residual values that may arise.
This will include sharing best practices with other vehicle remarketing associations across the globe as their used vehicle markets get to grips with the same challenges of moving to zero emissions.
Walker said: “I am pleased to say our NAMA 22/23 strategy has been unanimously agreed by members and will see closer relations developed with worldwide sister trade bodies including the National Auto Auction Association (NAAA) in the USA, the Car Remarketing Association Europe (CARA) and the Auctioneers and Valuers Association of Australia (AVAA).
“We can share industry issues that affect our various markets and learn from each other which at this time of colossal change will be highly valuable to all vehicle remarketing companies both physical and online. We are also talking to associations in Japan and the Middle East, markets where I have personal experience,” he added.
In addition, NAMA has set up its own forums to focus on wider environmental and sustainability issues, cyber security, and codes of conduct. This includes investigating the feasibility of extending its highly successful vehicle grading scheme to include LCVs by the end of 2022.
As well as looking forward, Walker was keen to pay tribute to the UK remarketing industry for keeping the used market moving despite everything that the Covid-19 pandemic threw at it.
“Following the national six-week lockdown, our members quickly utilised their online bidding systems to open the used vehicle market for both buyers and sellers.
“Business was conducted under the strict guidelines laid down by the government and the subsequent revenues raised, and the cashflow generated became a lifeline to many of our members’ customers. Whilst the vehicle volumes were low to start with the market was open and operational and quickly gained momentum week by week,” he said.
Weekly NAMA Teams meetings were at the heart of keeping the industry moving where all parties came together to discuss and create solutions to address the industry-wide issues that arose from the pandemic.
“Our meetings were a catalyst for innovation and a conduit for communication and were based on a solid foundation of shared principles at a time of great concern. As well as supporting and energizing the used vehicle market, many members utilised their logistics, vehicle de-fleet and refurbishment centres to prepare and move vehicles around the UK for companies supporting the country’s infrastructure.
“Our members helped keep all the key industries and workers mobile, including doctors and nurses, by storing, preparing and transporting vehicles nationwide often under very demanding working conditions,” said Walker.
Walker felt the professionalism and geographical spread of members meant they were ideally suited to provide help and support to both vendors and buyers.
“Our members should be justifiably proud of their outstanding efforts during the pandemic. I for one will never forget that period where our businesses stood together, and as an industry with great comradery. As we exit these challenging times, we begin a new era where members are expanding their businesses in exciting new ways – growing their knowledge and introducing ever-increasing standards to meet the challenges of an evolving 21st century used vehicle market,” he said.