Wednesday, June 14, 2006
OFT issues clarification on pre-reg cars
The Office of Fair Trading has issued clarification on the Supply of New Cars regulation.
Following discussions with the DVLA and RMIF earlier this year, the watchdog has ruled that the regulation does not require dealers who voluntarily pre-register cars to keep them, or their Registration Certificates (V5C), for more than three months before reselling to a consumer.
The RMIF said the decision was good news for dealers who would no longer have to fund such vehicles for three months.
DATED: 14.06.06
FEED: MT
Following discussions with the DVLA and RMIF earlier this year, the watchdog has ruled that the regulation does not require dealers who voluntarily pre-register cars to keep them, or their Registration Certificates (V5C), for more than three months before reselling to a consumer.
The RMIF said the decision was good news for dealers who would no longer have to fund such vehicles for three months.
DATED: 14.06.06
FEED: MT
Experian boosts dealer group portfolio
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| Autoworld, ranked 137 in the latest Motor TraderTop 200, has secured a deal with Experian to help market its stock more effectively to a wider audience. The family-owned group has made use of Experian’s AutoLocate product to help manage its turnover of stock online and boost the effectiveness of the internet as a sales channel. Since signing up, the group claims its website has been receiving almost 200 searches per day. Stan Walker, finance and insurance manager at Autoworld, said: “We have been delighted with the results and are now managing our vehicle stock better than before.” DATED: 14.06.06 FEED: MT |
Bramall set to join Lookers board this month
Tony Bramall is set to join the board of Lookers by the end of the month.
The Manchester-based dealer group has announced an extraordinary general meeting for 30 June, where Bramall is expected to officially join the company.
The appointment has been expected for some time since he acquired a 24.4 per cent stake in Lookers in April, helping ward off a hostile takeover approach from Pendragon.
DATED: 14.06.06
FEED: MT
The Manchester-based dealer group has announced an extraordinary general meeting for 30 June, where Bramall is expected to officially join the company.
The appointment has been expected for some time since he acquired a 24.4 per cent stake in Lookers in April, helping ward off a hostile takeover approach from Pendragon.
DATED: 14.06.06
FEED: MT
Monday, June 12, 2006
Fords Credit Rating slashed - again !
Troubled US car giant Ford has yet again had its credit rating cut plunging it further into junk status.
Fitch Ratings said it had made the cut because it predicts Ford’s revenues will deteriorate further during the rest of the year.
In April Ford announced a $1.19bn (£629m) quarterly loss and has announced it is cutting 30,000 jobs and closing 14 plants by 2012 to reduce its costs.
DATED: 12.06.06
FEED: MT
Fitch Ratings said it had made the cut because it predicts Ford’s revenues will deteriorate further during the rest of the year.
In April Ford announced a $1.19bn (£629m) quarterly loss and has announced it is cutting 30,000 jobs and closing 14 plants by 2012 to reduce its costs.
DATED: 12.06.06
FEED: MT
EMH Expand with Land Rover
European Motor Holdings has acquired the Land Rover dealership of the Hartwell group in St Helens in a £500,000 deal.
The purchase includes a payment for goodwill of £0.4m while the group has also entered into a short term lease of the dealership's existing property from Hartwell.
The dealership showed a profit before tax of £142,000 on a turnover of £15.7m.
Richard Palmer, chief executive of EMH, said: “The location of the new dealership represents a good fit with our existing Land Rover businesses in Chester and Preston and our other businesses in the North West.”
DATED: 12.06.06
FEED: MT
The purchase includes a payment for goodwill of £0.4m while the group has also entered into a short term lease of the dealership's existing property from Hartwell.
The dealership showed a profit before tax of £142,000 on a turnover of £15.7m.
Richard Palmer, chief executive of EMH, said: “The location of the new dealership represents a good fit with our existing Land Rover businesses in Chester and Preston and our other businesses in the North West.”
DATED: 12.06.06
FEED: MT
FLA: April new motor finance volumes down across the board
The FLA (Finance & Leasing Association) has reported new business volumes for the point-of-sale motor finance industry in April were down across the board in April, in part the result of the timing of Easter this year. The number of new cars purchased on finance dropped by 17% compared with April 2005 to 76,874 and was down 3% in the latest twelve-month period at 1,020,441 units. Demand from both businesses and consumers fell at similar rates.
The used car sector also reported new business volumes down 17% in April to 57,116, and by 3% in the latest twelve-month period, to 730,921.
The value of point-of-sale finance advanced on new cars in April was £915m, up 3% year on year; £528m was advanced by FLA members to used car buyers, the same figure as in April 2005. In the past 12 months, £12.147bn was advanced for new car purchase, and £6.618bn for used cars.
Commenting on the latest figures, Geraldine Kilkelly, FLA’s Head of Research, said: “The strength of growth in March has been followed by an equally weak April, dashing hopes of a sustained recovery in consumer demand for dealer finance. The first four months of 2006 indicated zero growth in the number of private new cars financed via dealerships and the finance penetration rate fell back 0.3% to 48.1%. Conditions remain tough for point of sale lenders with new car registrations for 2006 forecast to be almost 4% down on 2005.”
DATED: 26.05.06
FEED: FLA
The used car sector also reported new business volumes down 17% in April to 57,116, and by 3% in the latest twelve-month period, to 730,921.
The value of point-of-sale finance advanced on new cars in April was £915m, up 3% year on year; £528m was advanced by FLA members to used car buyers, the same figure as in April 2005. In the past 12 months, £12.147bn was advanced for new car purchase, and £6.618bn for used cars.
Commenting on the latest figures, Geraldine Kilkelly, FLA’s Head of Research, said: “The strength of growth in March has been followed by an equally weak April, dashing hopes of a sustained recovery in consumer demand for dealer finance. The first four months of 2006 indicated zero growth in the number of private new cars financed via dealerships and the finance penetration rate fell back 0.3% to 48.1%. Conditions remain tough for point of sale lenders with new car registrations for 2006 forecast to be almost 4% down on 2005.”
DATED: 26.05.06
FEED: FLA
Bank of England Base Rate Notification
June 8, 2006
Bank of England Maintains Interest Rates at 4.5%
DATED: 12.06.06
FEED: Bank of England
Bank of England Maintains Interest Rates at 4.5%
DATED: 12.06.06
FEED: Bank of England
Sunday, June 11, 2006
Excessive Supply Damages RV's
The UK’s used car market is experiencing a period of painful evolution that has already led to a 15 per cent fall in residual values since the beginning of 2000.
Much of the upheaval can be attributed to an increased supply of used cars not matched by a corresponding increase in consumer demand. What has also not helped is a succession of years of with sub-inflation increases in new car prices, according to EurotaxGlass’s.
This has had ‘far reaching’ consequences for the entire used car market, but EurotaxGlass’s says the instability in values shows some sign of abating. By 2009 the retail asking price of the typical three-year-old car is likely to be 5 per cent lower than it is today, with even greater falls predicted for diesel and prestige models as supplies increase.
Small, lower-medium and upper-medium sized cars from all manufacturers still represent the lion’s share of the new market, albeit down from 85 per cent to 78 per cent over the last 12 years. This moderate reduction is set to continue, as sales of SUVs and MPVs grow further.
‘As patterns of demand have changed, these two sectors have also enjoyed better residual values compared to mainstream hatchbacks,’ said Adrian Rushmore, managing editor at EurotaxGlass’s. ‘Even though future used retail demand for niche models is set to continue on an upward path, it is unlikely to match the additional supply resulting in a slight fall in values.’
Meanwhile, the prestige marques have doubled their share over the last 10 years to 20 per cent, and diesel models currently represent 39 per cent of all new car registrations.
‘This means that dealers’ stock will be more heavily biased towards cars from the prestige brands and towards diesels in general,’ said Rushmore. ‘While interest in these vehicles is unlikely to fall away, the improvement in supply will adversely affect rates of depreciation.’
DATED: 11.06.06
FEED: Automotive Management
Much of the upheaval can be attributed to an increased supply of used cars not matched by a corresponding increase in consumer demand. What has also not helped is a succession of years of with sub-inflation increases in new car prices, according to EurotaxGlass’s.
This has had ‘far reaching’ consequences for the entire used car market, but EurotaxGlass’s says the instability in values shows some sign of abating. By 2009 the retail asking price of the typical three-year-old car is likely to be 5 per cent lower than it is today, with even greater falls predicted for diesel and prestige models as supplies increase.
Small, lower-medium and upper-medium sized cars from all manufacturers still represent the lion’s share of the new market, albeit down from 85 per cent to 78 per cent over the last 12 years. This moderate reduction is set to continue, as sales of SUVs and MPVs grow further.
‘As patterns of demand have changed, these two sectors have also enjoyed better residual values compared to mainstream hatchbacks,’ said Adrian Rushmore, managing editor at EurotaxGlass’s. ‘Even though future used retail demand for niche models is set to continue on an upward path, it is unlikely to match the additional supply resulting in a slight fall in values.’
Meanwhile, the prestige marques have doubled their share over the last 10 years to 20 per cent, and diesel models currently represent 39 per cent of all new car registrations.
‘This means that dealers’ stock will be more heavily biased towards cars from the prestige brands and towards diesels in general,’ said Rushmore. ‘While interest in these vehicles is unlikely to fall away, the improvement in supply will adversely affect rates of depreciation.’
DATED: 11.06.06
FEED: Automotive Management
New car market: 'first signs of recovery'
New car market: 'first signs of recovery'
The UK market may be reaching the bottom of a shallow downturn, according to JD Power.
Sales, one per cent higher than in May 2005, could be the first indicator of a reversal of fortune, though a recovery call would probably be premature.
‘Consumer confidence continues to waiver while spending projections show only a small gain this year. As a result of declines that have already taken place, we expect a fall of between four per cent and five per cent for full-year 2006,’ says JD Power.
DATED: 11.06.06
FEED: Automotive Management
The UK market may be reaching the bottom of a shallow downturn, according to JD Power.
Sales, one per cent higher than in May 2005, could be the first indicator of a reversal of fortune, though a recovery call would probably be premature.
‘Consumer confidence continues to waiver while spending projections show only a small gain this year. As a result of declines that have already taken place, we expect a fall of between four per cent and five per cent for full-year 2006,’ says JD Power.
DATED: 11.06.06
FEED: Automotive Management
Minister presses "Go" on green light for 'Consumer Credit Act 2006'
Minister presses "Go" on green light for 'Consumer Credit Act 2006'
24th May 2006; The Government launched a timetable of plans to help boost the rights of consumers and improve the regulation of businesses.
Less than two months after reaching Royal Assent on the Consumer Credit Act 2006, the DTI unveiled a comprehensive plan explaining how and when the changes will come into force
DATED: 11.06.06
FEED: Dept. for Trade and Industry
24th May 2006; The Government launched a timetable of plans to help boost the rights of consumers and improve the regulation of businesses.
Less than two months after reaching Royal Assent on the Consumer Credit Act 2006, the DTI unveiled a comprehensive plan explaining how and when the changes will come into force
DATED: 11.06.06
FEED: Dept. for Trade and Industry
FHBR Info for Business Managers
FHBR Info for Business Managers
Useful for calculating notional LP agreements, such as
Variable Rate, Equalised, Seasonalised, Balanced Payments etc
The Finance House Base Rate (FHBR) for June 2006 remains
unchanged at 5.0%.
DATED: 11.06.06
FEED: FLA
Useful for calculating notional LP agreements, such as
Variable Rate, Equalised, Seasonalised, Balanced Payments etc
The Finance House Base Rate (FHBR) for June 2006 remains
unchanged at 5.0%.
DATED: 11.06.06
FEED: FLA
FLA launches revised Lending Code
FLA Launches revised Lending Code
In a further commitment to ensuring consumers receive fair and transparent treatment when taking out a credit loan with its members, FLA (Finance & Leasing Association) has launched new enhanced versions of its Lending Code and Business Finance Code.
These revisions came into force on 1 June 2006.
DATED: 11.06.06
FEED: FLA
Audi Credit Card on the way...
Audi credit card on the way - Impact on F&I for Audi BM's ?
AUDI COULD be following BMW in launching its own credit card in the UK.
It is teaming-up with the American Citigroup banking giant to issue the premium card under the Audi name.
We understand that the card will offer 0% interest on all Audi purchases for six months.
DATE : Sunday, June 11, 2006
FEED: Autowired
AUDI COULD be following BMW in launching its own credit card in the UK.
It is teaming-up with the American Citigroup banking giant to issue the premium card under the Audi name.
We understand that the card will offer 0% interest on all Audi purchases for six months.
DATE : Sunday, June 11, 2006
FEED: Autowired
