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After consecutive falls in prices, according to the latest RAC Fuel Watch report, published at the end of January,  petrol and diesel prices could be set to rise. At the same time, forecasts for utility prices, including electricity, are expected to fall, with wholesale energy prices falling substantially recently. Is this the pendulum switch back to electric vehicles in the used market?

January saw average petrol prices fall to their lowest level since Russia’s invasion of Ukraine last year. Across the month, UK petrol prices fell by 3p per litre. It meant that petrol ended the month at an average of 148.89p per litre. Average diesel prices fell further, down by 4p per litre to 170.37p per litre. As recently as June last year, the RAC was reporting the average price for a litre of petrol was £191.43, over 40p per litre higher than today’s costs.

In its latest report, the RAC suggested that prices of petrol and diesel may start to rise, with wholesale oil prices showing signs of increasing during January. More recently, wholesale rises have moderated. However, one area of upward pressure remains in the form of UK fuel duty rates.

Last March, the Chancellor of the Chequer, then Rishi Sunak, cut UK fuel duty rates by 5p for 12 months to help struggling families manage the soaring price of fuel alongside other rising household costs. The step was set to last for 12 months, so at this time, on 23 March 2023, this reduction could end.

Added to this is the possibility that petrol and diesel might go up by around 12p a litre. Such a move was detailed in the economic and fiscal outlook document published by the Office for Budget Responsibility last November.

Nothing is guaranteed, and it seems likely that plans for fuel duty can be expected to feature Chancellor Jeremy Hunt’s Spring Budget. However, sooner or later, increases seem inevitable.



Debbie Mckay, Commercial Director of Motor Sales

With UK petrol prices set to rise, could this help used EV sales activity? Hear more from Commercial Director of Motor Sales, Debbie McKay. 

UK petrol prices set to rise

Over recent weeks, the decline in used EV values has been a significant talking point in the trade. It is little surprise because, in January, CAP HPI reported EV values fell -6.6 per cent. The trend has trade buyers naturally cautious. Similarly, lenders will be mindful of the falls, notably when assessing residuals and GFVs. 

As with so many things, it is essential to get behind the potential reasons for the change. Some are more obvious than others. The most obvious is that the supply of used EV stock has been gaining momentum, but other factors include:

A little over a year ago, used EV prices were rising ahead of ICE values

Discounting of new models in January by Tesla and then by Mercedes due to over-production

The cost of living crisis that has seen consumers switch to cheaper, sometimes older stock

The pace of adoption of used EVs. Many early adopters are on board, but the ‘early majority’ may take a little longer to persuade that the charging infrastructure and high utility  prices make now the time to switch, let alone at a premium price 

With significantly more new EV products set to hit forecourts this year, and with production ramping up as manufacturers get to grips with the semiconductor shortages, the pricing of EVs, new and used, will be an interesting dynamic. Used car buyers, more usually known for their inherent agility, are being understandably cautious right now.  However, I have little doubt that trade buyers will be ready and willing to jump back into the market when EV wholesale values stabilise.

Umesh Samani is the owner of Specialist Cars in Stoke, as well as current Chair of the Independent Motor Dealers Association. As an acknowledged Used Car expert and renowned industry commentator, I would wholeheartedly agree with his recent quotes published in the Car Dealer Journal: 

“The current price drops are merely a realignment of their (EV) true current values. Maybe once the market has stabilised for EVs, the values may start to go up a little as demand starts for them at realistic and affordable prices.”

Used EV prices will find their level arguably sooner than later, and EVs will be a significant part of the used car landscape sooner that we might realise. Already, new EV sales comfortably exceed diesel sales. Over half of all new cars sold in the UK are EVs, and Battery Electric Vehicles continue to see the greatest growth.

To provide some context. In May last year, the SMMT reported that 748,349 EVs were on the road in the UK. If, conservatively, half of all new cars sold over the next three years are EVs, then at least an additional 2.4 million EVs will be on the road. A significant part of the N-3 used car parc will be EVs. In the coming months, I’m sure EVs will find their level.

Chris Rowthorn, Director of Motor Sales Operations

Over recent weeks, the decline in used EV values has been a hot topic across the industry. Hear more from Director of Motor Sales Operations, Chris Rowthorn.

Used EV value trends

Strong demand, record used car prices, and a struggle to source used stock were the key themes of the UK market in 2022. The signs in the year to date are that these trends have continued into 2023, with used car prices rising to record heights. Sourcing stock continues to be a challenge for the retail community, which is looking wider and paying more for the right inventory.

MotoNovo's stock funding service continues to grow to support dealer demand, and a crucial part of this growth is the business' digital stock funding tool, Supplier Direct Funding (SDF). Alongside other funding options, SDF has now recorded £50M in inventory funding for dealers and added to the range of remarketing organisations which have embraced the service as Chris Rowthorn, Director of Motor Sales Operations, announces;

"Surpassing £50m in lending  represents a significant milestone for Supplier Direct Funding. It reflects the strong upward trajectory for this distinctive funding model, which measurably helps buyers to take time, cost and friction out of used car stocking. Established demand is also accelerating through our expansion of partners, and we are delighted to announce that we are now working with Motor Auction Group (MAG) at their locations in Rotherham and Corby."

The stock funding partnership approach embraced by Supplier Direct Funding sees MAG, one of the UK's oldest auction businesses, create a marketing campaign to support the launch, encouraging their customers to discover SDF's unique benefits. As Zoe Sutton, MAG's Sales Director, concludes, they are keen to promote the win:win appeal of the service;

"Supplier Direct Funding represents an opportunity for us to help our customers access well over 35,000 vehicles this year and do so in a manner that saves them time and money. We know all too well the time it takes to load stock onto a floorplan for dealers and the risk of errors. SDF digitises all this and buys time for dealers to search for and buy more stock. It is elegantly simple and effective.”

Press release issued by MotoNovo Finance, February 2022

We're now supporting our dealers with over £50 million worth of funded stock from trusted suppliers, helping them expand their forecourts and free up cash flow.

Growth as MotoNovo's stock funding service accelerates

Spanning across the UK, our Account Managers are dedicated to supporting our dealer partners. Whether it’s introducing our newest products, helping them through regulatory change or just a friendly face to talk to, they’re always on hand to help.

Creating an even bigger support network for our dealer network, we’re excited to launch our first ever apprenticeship programme throughout Field Sales. Working towards gaining their Sales Executive Level 4 qualification, our newest apprentices are learning the knowledge, skills and behaviours in several key areas of the Account Manager role. Gaining hands-on experience, they’re responsible for retaining and growing a number of existing customer accounts, generating new business and closing sales. You might even see them out on the road!

Give a big MotoNovo welcome to two of our apprentices, Mohammed Alam and Sam Neary. 



What made me you choose an apprenticeship with MotoNovo?

Sam: The massive draw to me joining MotoNovo was the friendly feel between employees, even during my onboarding process. Everyone was super helpful and kind. I like how it is an apprenticeship so I will also gain a formal qualification at the end of it. 

Mohammed: An apprenticeship was always the popular choice for me because it provided a combination of on-the-job training and a qualification. With this apprenticeship, it allows me to gain hands-on experience whilst also learning the theoretical knowledge necessary for my L4 sales qualification. I chose MotoNovo due to them having the same core beliefs and values as me. MotoNovo are a competitive company who aren’t afraid to take on new ideas and develop their business, which quite resembled me, so I thought I would be a great fit for this role and company.



What’s your favourite part about your role?

Sam: My favourite part of the role is how much I get to travel with it being a field-based role and how every day is different. This makes it exciting as you never know how one day will differ to the next. 

Mohammed: The joint visits have been my favourite part of the role so far. After 5 weeks of online coaching sessions and learning all about the business, finally being able to see all of this in action and experience it first hand was amazing. I genuinely really enjoyed visiting the dealerships and talking to the owners.



Sam: The thing that has most surprised me is how helpful everyone has been on my enrollment. A lot of people have reached out to help me get started and offering to spend time helping me understand the business better. 



What has a typical day looked like for you so far?

Mohammed: This is the most brilliant part of this apprenticeship, not one day is the same! One day I might be at home having a coaching session on our products and the next day, I can be off to Cardiff for a regional meeting. It never gets boring and for someone who had to spend two years of school over teams, I really appreciate how different this is.



We pride ourselves on providing the best support possible not only for our dealer partners, but our teams too. Congratulations to our long running Account Managers on their latest promotions:

Charlotte Jenkins, South East Region, from Account Manager to Senior Account Manager

Morgan Meaney, South East Region, from Account Manager to Senior Account Manager

Graham Halliday, Northern Ireland Region, from Senior Account Manager to Regional Manager

Emily Birkinshaw, Eastern Region, from Senior Account Manager to Motor Development Manager.

Creating an even bigger support network for our dealer network, we’re excited to launch our first ever apprenticeship programme throughout Field Sales. Find out more.

News - February 2023

UK petrol prices set to rise

Used EV value trends

Growth as MotoNovo's stock funding service accelerates

Introducing our Account Manager apprenticeship scheme

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