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Used vehicle shortage fuels surge for UK’s leading sustainable salvage company

SYNETIQ – the UK’s largest integrated salvage, dismantling and vehicle recycling company – has seen unprecedented demand through its online vehicle auction, leading to increased value of salvage vehicles.

 

Used vehicle shortage fuels surge for UK's leading sustainable salvage company p
SYNETIQ’s Greenroom

The business supplies a key niche of the used vehicle supply chain, operating an online salvage auction used by a worldwide customer base of over 30,000 bidders.

SYNETIQ’s top three best-selling vehicles mirrored those in the SMMT’s Used Car Sales Report for Q2 2021, with the Ford Focus, Vauxhall Corsa and Volkswagen Golf proving immensely popular with the salvage auction users across the world.

Also in particularly high demand were commercial vehicles, reflecting supply shortfalls across the whole marketplace. The Ford Transit was SYNETIQ’s fourth best-selling vehicle overall; the business reporting a marked increase in popularity compared with pre-pandemic sales figures.

Recent SMMT data revealed overall used vehicle sales have more than doubled, owing to COVID-19 restrictions easing, a shortage of new models and Brexit complications. Unsurprisingly, a scarcity of supply has driven increases in the value of repairable vehicles sold through SYNETIQ’s salvage auction.

Used vehicle shortage fuels surge for UK's leading sustainable salvage company TR
Tom Rumboll

Tom Rumboll, CEO at SYNETIQ, commented: 

“Facilitating the return to use of repairable salvage vehicles, when safe to do so, is a key element of SYNETIQ’s integrated, circular model. There are myriad factors as to why a vehicle is written off, and we believe those which are safe for repair should go on to fulfil their primary purpose.”

“Each vehicle we process has been given a category by an appropriately qualified person before it reaches us – this helps us define the safest and most sustainable route it takes. Vehicles which are not safe for repair are processed in the most environmentally beneficial way, with reusable parts directed back into the vehicle repair supply chain.”

SYNETIQ became a member of the SMMT in June, as it continues its mission to help build a sustainable future for motoring in the UK. As a member of SMMT working groups, such as Electric Vehicle, Aftermarket and Remanufacturing, SYNETIQ hopes the industry can maximise the reuse and recycling potential of each vehicle, reducing CO2 emissions and material waste further.

Recently, SYNETIQ has also launched initiatives to highlight environmental benefits of integrated salvage and recycling. This includes training a large proportion of their colleagues on carbon literacy, as well as a study into the CO2 savings that can be achieved by using Green Parts in vehicle repair.

About SYNETIQ

SYNETIQ is the largest integrated salvage, dismantling and vehicle recycling company, formed to become the most innovative and trusted business in the industry.

A fast-paced, progressive business, SYNETIQ leads the way in raising industry standards and continually innovates ways of working, to deliver great value, ensure complete compliance and a fantastic experience. All of this is underpinned with the wealth of experience held by our Directors, who have over 150 years between them.

SYNETIQ is proud to have major household names in its portfolio, including insurers, accident management companies, fleets, police forces, logistics companies, vehicle repair Bodyshop’s, and remanufacturers.

With cutting edge data and software solutions, multiple sites, a specialist vehicle recovery fleet and over 480 dedicated UK-based employees, customers and clients trust SYNETIQ to create bespoke solutions to deliver the maximum financial returns for their business. Its primary goal is to understand needs and preferences, delivering the best solution, right first time.

Visit www.synetiq.co.uk

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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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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. 

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