Gravells overhauls used car pricing strategy with Indicata sign-up

South Wales-based Gravells has introduced Indicata’s  used car pricing and insights platform to its five Kia and one Renault Dacia dealership.

It sells 5,000 used cars annually and it has onboarded Indicata to ensure the group is in close touch with retail market pricing and overall used supply and demand in South Wales, particularly EVs.

Gravells has represented the Kia brand since 2007 and manages one of the biggest used stocks in Wales and its important it knows where its stock stands in the market against written down values, but also how prices and stock mix compares with other dealers.

It has seen a buoyant used market in 2023 and with a strong EV offering Gravells have witnessed the fall in market prices for zero emission cars. However, according to Jonathan Gravell prices have fallen too far and prices are now too cheap.

Gravells’ six general managers are responsible for both new and used car sales at their individual dealerships and they meet regularly to review the market and group used stock. That’s where conversations around price are shared with the additional support of Indicata data and is where pricing decisions are made.

Gravells also have regular monthly individual site meetings with an Indicata customer success manager to support their data or reporting requirements to assist them with stocking trends.

“EV prices have fallen during 2023 as the volume of used cars coming into the market has increased. While we are realistic enough to know prices couldn’t stay sky high forever, they have now gone the other way and are too cheap. Prices are starting to come back and every month EV sales are rising.

“What indicata does is give my team transparency of the retail price in real time. It provides the granularity we need to confidently price new part exchanges coming in and to move current stock prices up or down based on market demand, stock levels and local pricing,” said Jonathan Gravell, MD of Gravells.