Tony WorthyIn this month’s overview of latest events in motor finance,
Tony Worthy reviews latest developments at Land Rover and Honda,
and how used car prices are set to rise.

 

• UK is the fourth-largest automotive producer in
Europe, building two million engines and one million vehicles in
2009. UK is home to more than 30 manufacturing sites, supplying
over 100 markets worldwide. Automotive manufacturing accounts for
10.6% of total UK exports, valued at £26.6bn. The full scope and
scale of the UK motor industry has been highlighted today with the
publication of Motor Industry Facts 2010, the Society of
Motor Manufacturers and Traders’ (SMMT) annual pocket guide to the
motor industry.

 

• A new national event that will showcase
carmakers’ latest launches is being launched by Lord March at
Goodwood. Named the Moving Motor Show, the event will be held on
July 1, the day before the hugely successful Goodwood Festival of
Speed. Goodwood said more than 20 manufacturers have already
confirmed their attendance, and several vehicles will make their UK
debut.

 

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• Severe weather conditions that hit the UK earlier
this year took their toll on roads, leaving motorists today
navigating a pothole hell. In the final days before the general
election, an Exchange and Mart survey revealed 62% of
voters believed Labour’s pledge of £100m to repair roads was not
enough. Exchange and Mart called for the new coalition
government to take clear focus on motoring to tackle congestion,
rising costs and crumbling roads, as well as bolder steps to reduce
CO2 emissions.

 

• The rate of business insolvencies for the
automotive industry rose for the third month, according to
information provider Experian. The rate was 0.14% in March 2010
compared to 0.09 per cent in February. However, the rate remained
static compared to March 2009.

 

• Land Rover is to create 275 new jobs at the
company’s manufacturing plant in Solihull, West Midlands. The
additional positions are required to support an increase in demand
following the seventh consecutive month of improved sales. March
sales in the UK recorded the highest figures for any month in the
company’s 62-year history.

Japanese carmaker Honda has reported a profit for
the first three months of 2010, following losses a year ago. The
company said it made a net profit of ¥72bn (£507m) between January
and March, with sales up 28%.

 

• Used car prices are set to fall as a result of a
glut of part exchanges stock hitting the market. The increased
stock was generated during the plate change in March when close to
398,000 new cars were sold.

The UK’s manufacturing sector is strengthening
with exports growing and the first rise in domestic orders in
two-and-a-half years, the CBI said. But the UK’s leading business
group warned that output price inflation is rising and profit
margins are coming under renewed pressure because of increased
costs.

US car giant General Motors has reported a
$4.3bn (£2.8bn) net loss for July to December of last year. The six
months cover the period after the Detroit-based carmaker’s
emergence from bankruptcy.