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.
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.
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.