I personally have already been told that one dealership local to me is experiencing such shortages of supply that some customers who ordered new vehicles in January 2021 are still awaiting delivery of their model. I am led to believe this is not uncommon nationwide.
However, with the shortage of supply of new vehicles, this does mean that customers are keeping hold of their current vehicles for longer. In turn, with vehicles ageing, and I appreciate that vehicles are, generally, built better today than they ever have been, more MOTs will be required; servicing and repairs outside of warranties will increase and potentially customers will look to add gadgets to their current vehicle to improve them.
This all leads to what is being seen in the marketplace, that the cost of used cars is currently increasing.
Therefore, the doom and gloom being announced is countered by the positive effect on repairs garages, MOT centres and used car dealerships… so not all bad news.
The next step
If you are one of these business seeing an upturn in business and want to discuss outsourcing of accounting functions or consider the general health of your business then please contact your usual UHY adviser in the first instance or Brian Carey.