Car makers pledge to work with Government to identify ‘adjustments’ to EV rules

The automotive industry has pledged to work with the Government to ‘identify any adjustments necessary’ to sales quotas for electric vehicles (EVs).

Car makers outlined the ‘negative effect’ of the zero-emission vehicles mandate in a meeting with Transport Secretary Louise Haigh and Business Secretary Jonathan Reynolds on Wednesday.

Under the mandate, at least 22% of new cars sold by each manufacturer in the UK this year must be zero-emission, which generally means pure electric. The threshold will rise annually.

Santander UK profits plunge after £295m motor finance hit

Banking giant Santander UK has revealed profits plummeted in its third quarter as it took a £295m hit following a major court decision on car finance commission.

The high street lender reported pre-tax profits of £143m for the three months to the end of September, down nearly 75% on the £558m notched up a year earlier and also a steep drop on the £413m posted for the previous three months.

The group said it put aside £295m as a provision to cover potential payouts as well as legal costs.

Inflation jumps to 2.3% in sharpest increase for two years

UK inflation has risen to its highest level since April driven by an increase in household energy bills, according to official figures.

The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose to 2.3% for October, from 1.7% in the previous month.

It is the sharpest month-on-month increase in the rate of inflation for two years. Inflation was higher than expected for the month, after economists had predicted a reading of 2.2%.

Only one in 12 adults ‘still uses coins and banknotes all of the time’

Only one in 12 (8%) people still uses physical cash ‘all of the time,’ a survey suggests.

However, three-quarters (76%) of those who said they favour digital payments said they still carry cash for emergencies.

The survey, commissioned by NatWest, also found that about a third (36%) of cash-users on low incomes said that better protection against fraud would make them more likely to switch from cash to other payment methods.

Used EVs save owners average of £1,600/year compared with petrol models – study

The UK’s best-selling used electric cars could save their owners an average of £1,600 per year compared with their petrol equivalents, according to new research.

The Energy and Climate Intelligence Unit (ECIU) think tank, which conducted the analysis, said savings have risen since early 2023 as second-hand electric vehicles (EVs) are ‘no longer more expensive to buy’.

It claimed the study shows a requirement for each manufacturer to sell a minimum proportion of zero emission vehicles each year ‘is working’, amid a report that ministers are meeting with car industry leaders on Wednesday to discuss easing the policy.

Revealed: 660bhp TWR Supercat, based on a Jaguar XJS

The team at TWR has unveiled its Supercat, which utilises a Jaguar XJS platform.

TWR or Tom Walkinshaw Racing is responsible for creating, developing and building race cars across the world and had input into some iconic vehicles such as the Jaguar XJ220 and Renault Clio V6.

The Supercat is the first road car to be built by the team at TWR and it uses a platform from a Jaguar XJS with a carbon-fibre body structure.

Wednesday on Car Dealer

Used car dealer Peter Waddell back in High Court to fight ousting from Big Motoring World

Used car dealer Peter Waddell is contesting his removal from Big Motoring World, a company he founded and partially sold to private equity firm Freshstream. Allegations of misconduct, including bullying and inappropriate language, led to an independent investigation and his ousting as director. Waddell argues the investigation was flawed and discriminatory, particularly regarding his disabilities. Initially seeking reinstatement, he now demands restoration of voting and shareholder rights and a say in board appointments. A full trial is expected in late 2024 or early 2025.

Former Kia dealer that switched to selling used cars collapses into administration

Marsh Holdings, a former Kia dealership group that transitioned to selling used cars, has entered administration after significant financial struggles. The company cited challenges like economic uncertainty, overstocking, manufacturer pressures, and the impact of recent budget changes. Marsh Holdings had previously sold its Kia franchise to Howards Group to avoid costly brand identity updates. Despite this, it reported a substantial operating loss last year. Administrators from Westcotts Business Recovery are handling the case .

Ford to axe 800 UK jobs as part of European restructuring

Ford plans to cut 800 UK jobs as part of a broader European restructuring strategy to focus on electric vehicles (EVs) and streamline operations. The affected positions include engineering roles, with voluntary redundancy packages being offered. This move aligns with Ford’s ongoing transition to EV production and efforts to optimise its workforce across Europe. The company aims to strengthen its competitiveness while adapting to the changing automotive landscape .

Renault reveals low £22,995 price for retro 5 electric hatch

Renault has announced the pricing for its electric Renault 5, starting at an accessible £22,995, aiming to combine affordability with retro-inspired design. This hatchback will feature a 42kWh battery, delivering a 200-mile range on a single charge. The Renault 5 pays homage to the classic model with modern updates and eco-friendly technology, serving as a cornerstone in Renault’s electric vehicle strategy. It’s expected to appeal to nostalgic and cost-conscious buyers alike .

Video: How is Auto Trader’s AI really going to help car dealers?

Auto Trader’s AI advancements are transforming car dealerships by leveraging tools like Vehicle Insight and Auto Trader Connect. Vehicle Insight provides dealers with real-time data on pricing, market trends, and performance metrics, enabling quicker and more informed decision-making. Auto Trader Connect integrates with dealer systems, ensuring inventory details and pricing remain accurate across platforms, which improves efficiency and customer satisfaction. These tools save time, reduce errors, and enhance profitability, while emphasising security and seamless customer interactions .

Car finance scandal could cost lenders £30bn warns leading ratings agency

The car finance scandal could cost lenders up to £30bn as investigations continue into allegedly unfair practices involving now-banned ‘discretionary commission’ schemes. These arrangements, prohibited by the FCA in 2021, allowed dealers to inflate interest rates for higher commissions, leaving customers unaware of the true costs. High-profile lenders like Lloyds’ Black Horse, Santander, and MotoNovo face significant lawsuits and potential liabilities. The controversy is drawing comparisons to the PPI mis-selling scandal .

IMDA announces partnership to provide free health checks to independent dealers

The Independent Motor Dealers Association (IMDA) has partnered with health screening service Healthshield to offer free health checks for its members. This initiative, designed to support independent car dealers, includes checks for key indicators like blood pressure, cholesterol, and diabetes, promoting better health awareness among its members. The IMDA continues to focus on providing resources and support to independent dealers, as part of its broader mission to represent and assist this community effectively .

Family-run dealer Bowker Motor Group snaps up Porsche Centre Bolton

Bowker Motor Group has expanded its portfolio by acquiring the Porsche Centre Bolton. The purchase adds to its existing network, which includes dealerships for BMW, Mini, and Porsche in Preston, as well as other luxury and performance brands. This acquisition aligns with Bowker’s ongoing growth strategy and reputation for excellence in automotive retailing .

Percayso partners with Cartotrade to provide dealers market intelligence

Percayso Inform has partnered with CarToTrade to offer enhanced market intelligence for car dealers. This collaboration integrates Percayso’s data analytics with CarToTrade’s remarketing solutions, enabling dealers to access detailed insights into market trends, vehicle pricing, and consumer demand. The initiative aims to improve dealers’ decision-making processes, optimize vehicle sales, and better manage stock. By leveraging advanced technology and market data, this partnership seeks to empower dealerships with more competitive tools in a rapidly evolving automotive market.

From chef to selling used cars in the family business – Martin McGuire joins the Car Dealer Podcast

Martin McGuire of JMC Used Cars appeared on the Car Dealer Podcast, sharing his journey from being a chef to running a successful family car dealership near Glasgow. Starting with just a few vehicles five years ago, his business now holds 45 cars and recently won an Auto Trader award. McGuire emphasized the value of social media, particularly Facebook, in growing his business. He also discussed challenges and the evolution of his career in the motor trade.

Dealer group Harwoods launches assured approved used car scheme

Harwoods Group has launched ‘Harwoods Assured’, a premium approved used car scheme. The initiative includes a 100-point inspection, HPI checks, a six-month warranty, and a 14-day money-back guarantee. It covers both franchise and non-franchise brands, with deposits starting at £99. The first two locations will open in Coulsdon and Chichester, targeting the growing used car market. CEO Archie Harwood highlights the program’s aim to deliver the trust and quality expected from their new car offerings.

Fire-ravaged Ron Skinner and Sons dealership set to reopen

Ron Skinner and Sons, a dealership in South Wales, is set to reopen after a devastating fire in August destroyed over 200 cars and caused the building’s roof to collapse. In just four months, the site has been rebuilt, showcasing a swift recovery. While investigations into the fire’s cause are ongoing, the reopening is eagerly anticipated by the local community and customers, as the business is a key employer in the area.

Former deputy prime minister John Prescott dies aged 86

Former deputy prime minister John Prescott has died aged 86 following a battle with Alzheimer’s, his family has announced.

His family said he had ‘spent his life trying to improve the lives of others, fighting for social justice and protecting the environment’.

The former trade union activist and ex-merchant seaman died ‘peacefully’ and surrounded by relatives at his care home, they said.

Deer-related car accidents rise 42% in three years

Deer-related car accidents have shown a 42 per cent increase in just three years, according to the AA’s Accident Assist study.

The AA’s Accident Assist enables several different surveys to be shared on road safety, and its latest asked 10,237 AA members about their encounters with deer on the roads.

It found that a total of 276 members had hit a deer during the rutting season, falling from late September to early November, which is 42 per cent more than what it was in 2021, with 195 occurrences.

Sharp rise in breakdowns reported as yellow warnings over snow and ice persist

A sharp rise in vehicle breakdowns has been reported as yellow snow and ice warnings continue in parts of the UK.

Many drivers’ batteries failed on Wednesday morning due to cold weather, the RAC said.

A yellow weather warning for frequent snow showers and possible hail has been issued in many parts of north and west Scotland, from Wednesday morning to midday on Thursday.

New tram-like electric buses rolled out in London

New electric buses charged by pantographs have been rolled out on one of London’s longest bus routes.

The fleet of 20 buses are being recharged at each end of the 15-mile route 358 between Crystal Palace and Orpington in the south-east of the capital.

The pantographs are arm-like structures which attach to a bus roof and provide high-powered charging in as little as six minutes.

Introducing… our new electric bus

These buses will be rolled out over the coming weeks on the 358 route between Crystal Palace and Orpington

Features include:
– Brand new tram-like design
– Quilted high-back seating
– Zero-emissions at the tailpipe
– USB charging points… pic.twitter.com/6jzzVy6Klw

— TfL (@TfL) November 20, 2024

Weather outlook…

The UK will today experience a cold day with frosty conditions in many areas.

Scotland and northern England may see snow showers, particularly over higher ground, while other regions remain dry but chilly. Winds will make it feel colder in exposed areas.

Temperatures are expected to range between 2°C and 8°C, with overnight frost persisting into the morning in some locations.

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The post Nov 21: Motor finance hits Santander; Inflation jumps; TWR Supercat; Prescott passes away appeared first on Car Dealer Magazine.