All articles by Richard Irvine-Brown
Richard Irvine-Brown
UK new car sales drop more than 2011 EU average
Registrations of new passenger cars across the 27 European Union nations (excluding Cyprus and Malta) for 2011 were down 1.7% on the figure for 2010, less than the 4.4% fall in the UK. 2011 was the fourth consecutive year of decline in new registrations in the EU with Germany being the only significant market to witness an increased demand for new cars (up 8.8% on 2010). Loss of new registrations was sharper in key markets such as Italy (10.9%) and Spain (17.7%) than the UK, and although France saw less of a decline, it too outstripped the continental average, losing 2.1% of its market.
Crushwatch recoveries, enquiries and value down
The number of CrushWatch enquiries fielded, the number of vehicles recovered by the programme and the total value of those recoveries were all down in January 2012 compared to December 2011. The figures from HPI CrushWatch, a scheme run in conjunction with the Finance and Leasing Association Association of Chief Police Officers Vehicle Recovery Scheme, show a continued fall from their November peak.
Carmakers and BVRLA welcome EV grants for vans
The decision by the Department for Transport (DfT) to widen its Plug-In Car Grant to vans has been welcomed by manufacturers and the British Vehicle Rental and Leasing Association (BVRLA). Vans qualifying for the electric vehicle (EV) grant will be subsidised by up to 20% of the retail price, or £8,000 Part of £400m earmarked by the coalition to promote low-emission technology, funding for the grant has been secured until 2015.
Used cars to outstrip new in 2012
More than a third of dealers expect used car prices to rise in 2012, and almost a quarter expect an improvement in their margins, according to a survey by automotive services company Manheim.
Manheim to close Middlesbrough site
Manheim Auctions Middlesbrough site, specialising in main dealer part exchange and trade vehicles, is to close following a review by the remarketing group. The centre accounts for 1% of Manheims auction activity and 20 members of staff will be consulted regarding redundancy The auctioneers proposed closed-auction centre in Coventry, announced in November, is scheduled to open in the spring in conjunction with koda UK.
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Suzuki continues ‘no VAT’ trend with PCP deals
Suzuki, like fellow Japanese carmaker Mazda, is extending its range of no VAT finance offers in the UK to include the Splash range, alongside the Alto and Swift until the end of March. Attempting to attract 18-35-year-old buyers, Suzuki is also offering to provide a £500 deposit for any hire purchase and new personal contract purchase (PCP) deals on the three ranges, available through the manufacturers captive finance partner, Suzuki Financial Services. The Alto, priced at £6,666 on the road, requires a deposit of £1,406, followed by 42 monthly payments of £99, with a final balloon option of £2,468; a total of £8,032.
Close manufacturer division signs Proton
Close Motor Finance has agreed a deal to supply finance to Malaysian manufacturer Protons car sales in the UK Close aims to extend its work with 7,000 dealer partners to Protons 70 dealerships throughout the UK as the carmaker unveils five new products over the next two years. Chris Reid, manufacturer development director at Close said the deal demonstrates our desire to become a key player in the manufacturer market, with both the appetite to lend and infrastructure in place to manage large volumes.
Dealer finance dominates 2011 – FLA
The figure, up by nearly a fifth on the same period in 2010, aided rising sales of both new and used cars toward the end of 2011, according to the Finance and Leasing Association (FLA). New car sales were up 6% in November (2011, compared to 2010) and 7% for the three months to November (compared to the same period, 2010); while used car sales were up 4% for the month and 5% for the three-month period.
Car registrations down across all regions – SMMT
New car sales were down across England, Northern Ireland, Scotland and Wales in December 2011, both month-on-month and year-on-year, according to figures from the Society of Motor Manufacturers and Traders (SMMT) Both England and Scotland were down by less than the UK average (minus the Isle of Man and Channel Islands) of 3.77% for December compared to November 2011 while both Northern Ireland and Wales saw sales fall by a significant margin of 13.35% and 12.61% respectively. For the year, new car sales in England were down 3.91% compared to 2010, were down in Northern Ireland by 11.7%, by 4.85% in Scotland and 9.94% in Wales, with their total down 4.42%.
FOS proposes change to PPI claim case fees
The Financial Ombudsman Service (FOS) is proposing to change the annual threshold of the number of complaints made against a company selling financial products without being charged a £500 case fee from three to 25 cases per year. Where a complaint does have sufficient grounds to be referred up to the FOS, however, the ombudsman proposes an additional fee of £350 to help it deal with its case load.