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Managers in the used car remarketing business fear the economy will take a hit in 2011.
Following the 0.5 per cent contraction in the UK economy in Q4 of 2010, 42 per cent of senior managers in remarketing said they now believe that a double dip recession is more likely.
A total of 35 per cent said their opinion had not changed and a quarter 23 per cent said a double dip recession was unlikely.
The poll was taken at the first Vehicle Remarketing Association Conference held in Oxfordshire.
More than 150 companies representing carmakers, auctions, data providers and car leasing companies were asked their views on the economy in 2011.
John Davies, chairman of the VRA, said: “The news arrived midway through the morning of our conference so we were in a good position to gauge a reaction from a cross section of business leaders.”
Keynote speaker and chief executive of the Society of Motor Manufacturers and Traders (SMMT) Paul Everitt said: “The news is disappointing and confirms the challenges we face in 2011.
“However on a plus point UK manufacturing was 1.4% up, with the automotive sector leading the way in Q4 2010.”
The VRA represents companies that handle, sell, inspect, transport and manage nearly 2 million used vehicles per annum.