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Copart Sees More Flexible & Truly Global Salvage Market, Post-Brexit

The following blog by Copart UK’s Managing Director, Jane Pocock, recently featured in Insurance Edge.

 

Copart Sees More Flexible & Truly Global Salvage Market, Post-Brexit
Jane Pocock, Copart UK’s Managing Director

 

Jane Pocock from Copart looks ahead following the GE result and wonders what the car parts and salvage market will look like following a Brexit deal;

 

The outcome of the election means we’re at last likely to get Brexit out of the way and get a clearer idea of what it will actually mean for business. However just the expectation of the UK leaving the EU has already had a major impact on UK commerce and companies that have an international buyer base, as we do, have a great advantage.

All of our growth in the past 12 months has come from non-EU countries, as the fall in sterling and the Euro has encouraged more competition in both new and existing markets. And we now have buyers in 87 non-EU countries – the newest addition being Bermuda – a further example of the changing marketplace for salvage vehicles.

Economic conditions have encouraged non-EU buyers, who are now four times more active in the market than their EU and UK counterparts, bidding higher, and for more vehicles, every day. They currently pay an average 6% more per vehicle than UK purchasers.

We’ve been monitoring these trends in the lead up to Brexit and will carry on doing so post-Brexit, with the aim of publishing a quarterly update based on market insights and data analysis to map the continuing impact of Britain’s departure from the EU on motor salvage trading.

As well as keeping an eye open for any other new changes, developments and trends influenced by Brexit, we’ll be regularly reviewing three key market indicators: who is buying in which countries; what they’re buying; and how much they’re spending.

We’ve already seen significant changes, and the level of activity by non-EU buyers continues to grow month by month – it will be interesting to see how it plays out as Brexit finally becomes a reality.

Brexit undoubtedly throws up many challenges, but it’s also thrown up many areas of opportunity for organisations who trade with buyers globally.

I can certainly see the benefits for the UK salvage market and the insurers that supply it, with the huge potential to benefit from heightened interest from foreign buyers and maximise salvage returns.

This article is sponsored content and was produced in association with Copart.

Source: Insurance Edge

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e2e Total Loss Vehicle Management [e2e] is the UK’s only salvage and automotive recycling network with nationwide, environmentally compliant sites delivering performance resilience and service reliability to the insurance and fleet markets.  The network’s online salvage auction www.salvagemarket.co.uk drives strong salvage resale values and faster sales.  e2e’s salvage clients have access to the network’s stocks of over 5 million quality graded, warranty assured reclaimed parts. 

The power of the network model means e2e has the ability to influence industry standards and is committed to continually raising the bar whilst redefining the role and perceived value of the salvage operator.  Network members adhere to robust service level agreements, against which they are audited, in order to ensure performance consistency and a market leading customer experience.  

The salvage and recycling operating environment is evolving rapidly, and e2e is anticipating, listening and responding to changing market needs.  Regulatory compliance, ESG, reclaimed parts, customer experience, EVs, new vehicle technologies, data and reputation risk are just some of many considerations linked to the procurement of salvage services.  e2e will drive further added value to clients and members through the adoption and application of emerging technologies, continuing to differentiate its proposition and position salvage services as a professional partnership. 

Owain Griffiths

Owain Griffiths

Head of Circular Economy at Volvo Cars

Owain joined Volvo Cars in June 2021 to lead Circular Economy in the Global Sustainability Team. The company has committed to being a circular business by 2040 and has financial, recycled content and CO2 based targets for 2025, all of which Owain is working across the company to make happen. Owain previously worked for circular economy consultancy Oakdene Hollins where he advised businesses on evidence led circular economy implementation. 

Turning into a circular business and the importance of vehicle reuse and recycling.

The presentation will cover the work Volvo Cars is doing to achieve 2025 but mainly focus on the transformational work towards 2040 and the business and value chain changes being considered. Attention will be paid to the way vehicles are being dealt with at the end of life and the complexities of closing material and component loops. Opportunities and challenges which Volvo Cars is facing will be presented including engagement with 3rd parties and increasing pressure from stakeholders.

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